Visa ‘committed to more secure e-payment’
BUSINESSBy BiztechAfrica - Feb. 16, 2012, 9:38 a.m.
By Carole Kimutai, Nairobi, Kenya
In line with its commitment to help minimize fraud and protect cardholders, Visa is hosting the Sub-Saharan Africa Regional Fraud Council in Kenya this week.
The Council draws attendees from selected member banks across the entire Sub-Saharan region who will attend a two-day meeting to work toward ensuring the safety and integrity of the regional card payment system infrastructure.
“Tackling potential fraud is critical to success in any market. We are able to call on global experts to come to Nairobi to share their experiences and start an ongoing conversation as part of the constant battle against fraud. The Regional Fraud Council is a vehicle for the entire market to benefit from collaborative effort,” said Victor Ndlovu, Visa Country Manager, East Africa.
An important tool in the battle against fraud is collaboration amongst peer banks and across borders. This two-day event is an opportunity for attendees to learn about Visa’s Payment System Risk Strategy and to share its message with their respective country risk forums. It is also an important opportunity for Visa to gain first-hand understanding about the challenges the respective countries are facing and to assist in building effective roadmaps to combat fraud.
“Visa employs multiple layers of security that work together to help manage fraud. From anti-counterfeit features to network-based fraud detection to data security standards that help keep sensitive information secure, we are committed to leading the industry toward a more secure, trusted payment system,” said Bryce Thorrold, head of the Visa Sub-Saharan country risk management team.
Thorrold added: “While payments fraud remains at historic lows, we must stay vigilant to protect cardholder data from misuse. To do that, we must protect each link in our system and work with others to maintain and enhance trust in Visa as the most secure way to pay and be paid.”
Visa’s approach is to minimize fraud in the payment system by building policies, tools and technologies that will help prevent fraud before it happens; protect vulnerable card data wherever it is stored, processed or transmitted throughout the payment system; and monitor and manage fraud to ensure prompt response and minimize impact to stakeholders, including cardholders.
MORE BUSINESS NEWS
Axiologix completes acquisition of iWorld ServicesAxiologix has completed the acquisition of iWorld Services, which delivers retail and wholesale VoIP services, products, and advanced web applications and software tools targeting high growth emerging markets. Read More
African economies on growth curve: reportIn contrast to the rest of the world’s sluggish progress, African economies stand out for their high rates of growth and the effusive confidence they inspire, according to a new report. Read More
NITRA seeks collaboration with regulator, operatorsThe Nigerian Information Technology Reporters Association has called on the industry regulators and ICT players to partner with the association to strengthen industry. Read More
BT accelerates African growthBT has announced a new phase of investments into the rapidly growing economies of Asia Pacific, Turkey, the Middle East and Africa (AMEA) with the objective of accelerating its expansion in high growth markets. Read More
Flexenclosure delivers turnkey data centre to AngolaFlexenclosure has received a large order from ACS Angola Comunicações e Sistemas, one of Angola’s main suppliers of IT solutions and corporate network connectivity. Read More
A new approach to outsourcing in the changed economyIn a newly shaped landscape, a new set of challenges emerges for outsourcing service providers, says T-Systems. Read More
Energy finds in Africa highlight shifts in sector - DHL reportThe recent oil and gas finds in Africa will continue to have a positive impact on local economies, if local African suppliers, service providers and other businesses are geared up to service this growth. Read More
African Large Format Printer market declinesThe large format printer (LFP) market in Central and Eastern Europe, the Middle East, and Africa (CEMA) region declined 10.7% in volume and 5.1% in value year on year in the first half of 2013, says IDC. Read More
BIH sets up First Steps Venture CentreThe Botswana Innovation Hub has officially opened its First Step Ventures Centre, focusing on tech start-ups. Read More
FEATURED STORYGaming app introduces investors to trading
A new virtual stock market app is equipping would-be investors with the skills they need to trade.
BEST READ NEWS
IN DEPTHCorporate cyber security threats of the year
91% of organisations polled suffered a cyber-attack at least once in the past year, says Kaspersky Lab in its security review of 2013.