Michelle Jao, General Manager, Visa Taiwan and Laura Shen, Senior Direct for Risk,
Visa Taiwan unveiled Future of Security Roadmap in Taiwan
- As part of the Roadmap, nine in ten financial institutions in Taiwan will adopt EMV® 3DS protocol end of this year to meet new demand in payment security[1]
- Globally online fraud is projected to cost retailers worldwide US$130 billion over the next five years
TAIPEI, Taiwan,
March 31, 2020- Today
Visa, the world’s leader in digital payments, launches its Future of Security
Roadmap for Taiwan with detailed plan to strengthen payment security in the
coming three years.
As more people
transact digitally, more data are generated. In Taiwan, Visa saw eCommerce accounted
for 25 percent of all transactions[2]. The
exponential increase attract many cybercriminals; and online fraud is projected
to cost retailers worldwide $130 billion over the next five years.[3]
The blueprint to
payment security includes the adoption of EMV® 3DS protocol by almost all (90 percent)
of local issuers of Visa credentials by this October. In addition, Visa
recommends that merchants support in-app tokenization for mobile transactions
and payment security. By tokenizing customers’ credentials, merchants can add
another layer of security and better manage the customer journey and payment
data.
Michelle Jao,
General Manager, Visa Taiwan said: “We are proud to be launching our Future of
Security Roadmap for Taiwan. Securing the commerce ecosystem is our highest
priority. It is a shared responsibility between payment networks, banks,
consumers, merchants, and governments. Cashless payment has been rapidly
increasing in recent years, 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.”
Visa’s Roadmap
focuses on four strategic pillars which will enable security to evolve at the
same pace as the technologies changing the way consumers pay, including:
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.
As commerce
becomes more digital, awareness of entailing risks rises consumers in Taiwan. In
fact, seven in ten (69 percent) are concerned about online payment security, according
to Visa Consumer Payment Attitude Study. And only slightly more than half (56
percent) feel their personal information is safe when making mobile payment.[4]
Ms. Jao 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 Taiwan payments
security.
Visa Future of
Security Roadmap have been launched in Australia, New Zealand, South Pacific,
Singapore, Malaysia, Hong Kong, Thailand, South Korea, Indonesia, Philippines,
Vietnam, Cambodia, Sri Lanka and Taiwan and continues to be rolled out in other
markets in the region.
[1] EMV® 3-D Secure (3DS) is a
messaging protocol that promotes frictionless consumer authentication and
enables consumers to authenticate themselves with their card issuer when making
card-not-present (CNP) e-commerce purchases.
[2]
VisaNet: February, 2020
[3]
Online
Payment Fraud: Emerging Threats, Segment Analysis & Market Forecasts
2018-2023 by Steffen Sorrell, research analyst, Juniper
Research, January 2, 2019
[4]The “2019 Consumer Payment Attitudes Study” is conducted by Intuit
Research on behalf of Visa. This online survey was conducted in May 2019 with
1,250 residents in Taiwan, Hong Kong and Macau. It is intended to track and
analyze consumers’ perceptions, adoption, and attitudes toward cash and
non-cash payments.