Visa unveils updated Security Roadmap in Hong Kong, strengthening fraud protection and consumer education

11/06/2023

 

Visa, a world leader in digital payments, announced the launch of an updated Security Roadmap for Hong Kong, reinforcing its four-pillar approach to intensify efforts in fraud protection and consumer education, aiding in the enhancement of security throughout the city.

The Visa Security Roadmap is a collection of mandates, best practices and thought leadership that outlines the company’s journey ahead to support the safety and security of the payment ecosystem in different markets. Since the inception of the Security Roadmap in Asia Pacific in 2018, fraud volumes have plateaued amid continued growth of payment volume seen on VisaNet.      

However, the payment ecosystem continues to see the emergence of complex fraud schemes that impact our economies, businesses and consumers. The June 2023 edition of Visa’s Biannual Threats Report1 uncovered a noteworthy 91% increase in ransomware attacks in March 2023 from the prior month, 62% higher than March of 2022. In addition, a 40% increase in enumeration attacks was identified, as compared to six months ago.  During this timeframe, an increase in the number and variety of reported consumer scams was evident. These global trends also mirror a similar pattern in the Hong Kong payment landscape.

The updated Security Roadmap highlights Visa’s ongoing efforts in addressing the growing risks associated with fraud and its future commitments to security. Some of these security initiatives are:

  • Protect Data: Visa remains committed to ensuring Payment Card Industry Data Security Standard (PCI DSS) compliance for all organisations, while also advocating for a reduction in over-reliance on SMS OTP (one-time password) for authentication.
  • Devalue Data: Visa actively encourages the adoption of tokenisation for all Card-on-File (COF) merchants to devalue sensitive data and enhance overall security during purchases.
  • Harness Data: Visa promotes the adoption of EMV 3-D Secure to make e-commerce transactions safer. It also mandates Risk-Based Authentication (RBA) to enable friction-free payment authentication.
  • Empower Consumer: Visa works with our bank partners to ensure the implementation of robust alerts and controls to empower consumers in safeguarding their transactions. In addition, Visa continues to amplify its public education campaign by collaborating with Olympic medalist Siobhán Haughey, leveraging her influence to educate consumers on the importance of payment security. The video series are released in stages on Visa’s official Facebook, Instagram and YouTube channel.

 

“At Visa, security is our highest priority, and we are committed to maintaining trust in our payment ecosystem with layers of security and protection technologies. As always, Visa will continue to engage with various stakeholders and trusted partners, including the government, financial institutions, merchants, and technology providers, as we believe that collaboration is essential in combating emerging threats and staying one step ahead of fraudsters,” said Paulina Leong, General Manager, Visa Hong Kong and Macau. “As we look to the future of payments, we recognise that the essence of security lies in the four pillars outlined in the enhanced security roadmap. Together with Hong Kong industry leaders, we can collectively create a safer and more secure payment environment while delivering a seamless payment experience for all.”

Visa is committed to prioritizing cybersecurity and combating fraud by implementing a number of key initiatives globally. Over the last five years, the company has invested HKD 70 billion globally to boost cybersecurity and combat fraud. Visa employs over 1,000 dedicated specialists protecting Visa's network from malware, zero-day attacks and insider threats 24x7x365. From January to June 2023, Visa responded to nearly 2,000 fraud incidents and blocked over 53 million suspected fraudulent transactions, amounting to more than HKD 250 billion.

Visa is implementing roadmaps globally to ensure the security of the worldwide commerce ecosystem. Additionally, it is collaborating with industry bodies in Hong Kong to synchronise security initiatives.

 

 

The Visa Security Roadmap is a collection of mandates, best practices and thought leadership that outlines the company’s journey ahead to support the safety and security of the payment ecosystem in different markets. Photo: Joe Cunningham, Regional Risk Officer, Visa Asia Pacific shared and discussed with industry partners about the Roadmap in Hong Kong earlier.

 

 

Visa continues to amplify its public education campaign by collaborating with Olympic medalist Siobhán Haughey, leveraging her influence to educate consumers on the importance of payment security. Photo left to right: Pavan Kumar Muttireddy, Head of Risk, Visa Hong Kong & Macau; Paulina Leong, General Manager, Visa Hong Kong and Macau; Siobhán Haughey.

 

1 Biannual Threats Report provides an overview of the top payment ecosystem threats within the past six-month period (December 2022 – May 2023) as identified by Visa Payment Fraud Disruption (PFD).

 

About Visa

Visa is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.