Visa announces roadmap to strengthen payments security in Hong Kong and Macau
• Data security is a key priority as more payments are made online
• Globally online fraud is projected to cost retailers worldwide US$130 billion over the next five years
Visa announced the launch of the Future of Security Roadmap for Hong Kong and Macau at the 2019 Asia Pacific Visa Security Summit to strengthen payments security in support of the cities’ cashless transformation.
Visa, the world’s leader in digital payments, has launched its Future of Security Roadmap for Hong Kong and Macau (“Visa Roadmap”), outlining a robust approach for strengthening payments security in both cities over the next three years.
The Visa Roadmap was introduced at the 2019 Asia Pacific Visa Security Summit last week in Shanghai, China. The annual summit is one of the largest payment security events in the region and brings together leading risk professionals to share learnings and best practices on payment security innovation. Visa Roadmaps have been launched in Australia, Indonesia, Malaysia, New Zealand, Thailand, South Korea, Singapore and Vietnam and will be rolled out in other markets in the region.
As more people transact digitally, more data are generated. In Hong Kong, eCommerce payment volume at Visa has grown 40% year-on-year and accounted for 15% of all transactions.1 The exponential increase of digital payment data attracts many cybercriminals. According to industry research, online fraud is projected to cost retailers worldwide US$130 billion over the next five years.2
Visa’s Roadmap focuses on a number of key initiatives which will enable security to evolve at the same pace as the technologies changing the way consumers pay. These security initiatives include:
- Devalue data by removing the sensitive data from the ecosystem and making stolen account details useless.
- Protect data by implementing safeguards to protect personal data as well as account details.
- Harness data by identifying potential fraud before it occurs and increase confidence in approving good transactions.
- Empower everyone, including accountholders, third-party providers and merchants, to play an active role in securing payments.
Maaike Steinebach, General Manager, Visa Hong Kong and Macau said: “We are proud to be launching our Future of Security Roadmap for Hong Kong and Macau. Securing the commerce ecosystem is our highest priority. It is a shared responsibility between payment networks, banks, consumers, merchants, and governments. Technologies have enabled new ways to pay and be paid, but it has also brought unique risks. To stay ahead of fraud, we need to work together and give security the same attention and investment as we do the innovations driving new commerce experiences.”
The launch of Visa’s Roadmap comes at a time of rapid change for payments in Greater Bay Area with innovations such as real-time payments and open banking set to enhance the payment experience for consumers.
According to Visa’s Consumer Payment Attitudes Study, security remains a key consideration for consumers in Hong Kong and Macau with two in five (38 percent and 40 percent, respectively) worried about the security of their personal information when paying with their mobile device. In Hong Kong three-quarter (76 percent) are concerned about payment security when shopping online compared to 66 percent in Macau.3
Ms. Steinebach added: “The most effective security program comes from strong cooperation between the public and private sectors, cutting across different geographies and jurisdictions. The obligation to protect consumers and businesses belongs to all stakeholders in the ecosystem. We want the Visa Roadmap to be the springboard to industry-wide collaboration.”
Visa works with industry stakeholders including regulator, financial institutions, merchants, policy makers, law enforcement and accountholders to secure payments. The Visa Future of Security Roadmap is the product of comprehensive consultations and collaboration, making it an authoritative blueprint for Hong Kong payments security.
Visa is delivering roadmaps around the world to ensure the security of the global commerce ecosystem, as well as working with Hong Kong industry bodies to align security initiatives.
1 VisaNet: October 2018 – March 2019
2 Online Payment Fraud: Emerging Threats, Segment Analysis & Market Forecasts 2018-2023 by Steffen Sorrell, research analyst, Juniper Research, January 2, 2019
3 The Visa Consumer Payment Attitudes Study 2019 was conducted amongst 1,250 consumers in Hong Kong, Macau and Taiwan in March, 2019.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, VisaAPnews.asia and @VisaNews.