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
- 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. The exponential increase attract many cybercriminals; and online fraud is projected to cost retailers worldwide $130 billion over the next five years.
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.
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.
 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.
 VisaNet: February, 2020
 Online Payment Fraud: Emerging Threats, Segment Analysis & Market Forecasts 2018-2023 by Steffen Sorrell, research analyst, Juniper Research, January 2, 2019
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.