Today, millions of devices are reshaping how payments are made and accepted, and Singapore is at the forefront of this change.
On 20 June, Visa, the world’s leader in digital payments, announced its ‘Future of Security Roadmap’ for Singapore, outlining a robust approach for strengthening payments security in the country over the next three years.
The roadmap focuses on a number of key initiatives which will enable security to evolve at the same pace as technology; hence, changing the way everyone pays – for the better.
These security initiatives include:
- Devaluing data by removing sensitive data from the ecosystem and making stolen
account details invalid.
- Protecting data by implementing safeguards to protect personal data as well as
- Harnessing data by identifying potential fraud before it occurs and increasing
confidence in approving genuine transactions.
- Empowering everyone, including account holders, third-party providers, and
merchants, to play an active role in payment security.
“Payment security is a key priority for us and Visa believes that there is a shared responsibility amongst financial institutions, merchants, consumers and the government to secure the commerce ecosystem. With the payments landscape evolving so rapidly, we need to ensure that security of payments is also transforming to stay ahead of these technological advancements,” said Kunal Chatterjee, Visa Country Manager for Singapore & Brunei.
“There is also an increased focus on developing risk solutions for eCommerce. We want to build trust and confidence amongst consumers and merchants in the payments ecosystem as it is crucial to Singapore’s success in becoming a smart nation,” he added.
The release of Visa’s ‘Future of Security Roadmap’ for Singapore is aligned with the country’s Smart Nation initiative, where concerns about cybersecurity are at the front line for the government, private sector, and the general public.