Visa’s Roadmap focuses on a number of key initiatives such as devaluing data by removing the sensitive data from the ecosystem and making stolen account details useless; implementing safeguards to protect personal data as well as account details; identifying potential fraud before it occurs and increase confidence in approving good transactions, and empowering everyone, including accountholders, 3rd party providers and merchants, to play an active role in securing payments.
According to Visa’s Consumer Payment Attitudes Study, security remains a key consideration for consumers across Southeast Asia with two-thirds concerned about the safety of their personal information when using their mobile phone to make payments.
When asked specifically about what their top three concerns were when using their mobile phones to make payments, consumers in Thailand said losing my phone or having my phone stolen, my phone getting hacked or someone intercepting my data, and malware or viruses being installed on my phone, according to online publication Retail News Asia.
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