According to Australian Financial Review, a new Visa security roadmap outlines a four-year process for Australian banks to adopt new standards for ecommerce transactions, designed to streamline the purchasing process and reduce fraud.
The roadmap urges banks to adopt new 3-D Secure authentication protocols, which replace a version that is 15 years old, and also to utilise tokenisation, in which a card’s 16-digit number is replaced with a token in ecommerce transactions that is useless for cyber criminals to steal.
Visa envisions that in the near future all transactions will be authorised biometrically and the authentication process would be “fully embedded” within the transaction, removing the need for retailers and customers to conduct any transaction between them.
Still, the card company has different versions for the US, Canada and markets in Asia, which have been tailored to the banking environments in those countries following consultation with key stakeholders.
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