Visa ‘committed to more secure e-payment’
BUSINESS| 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
Airtel Uganda hosts high value customers at Business Leaders’ ForumAirtel Uganda has hosted an Enterprise Expo in Mbarara district, Western Uganda, as part of efforts to provide practical and modern business solutions to its high value customers. Read More
Safaricom, Airtel complete yuMobile dealSafaricom and Airtel have completed the US$120 million acquisition of yuMobile from Essar Telecom. Read More
GrowthAfrica, Usahibu partner to solve SME accounting issuesKenyan accelerator GrowthAfrica has partnered cloud computing firm Uhasibu in a bid to address the accounting and financial software needs of East African startups and small and medium enterprises (SMEs). Read More
Top 10 risks worth considering when expanding into AfricaCompanies planning to expand across Africa must make a concerted effort to understand the risks, and not assume they “know” Africa, says ContinuitySA. Read More
Shop Soko connects Kenyan artisans to lucrative international marketsA new e-commerce platform, Shop Soko, is helping Kenyans access a lucrative international market. Read More
Ricoh SA begins rollout of new services-led strategy, Africa expansionJacques van Wyk has been appointed Ricoh SA’s new COO to drive the expanded strategy that will enable the business to become a services-led organisation and see its expansion into the rest of Africa. Read More
Stock Exchange launches news serviceA news service by the name of X-News has become the latest product coming from the local bourse, the Botswana Stock Exchange (BSE) recently. Read More
Telkom forays into Botswana through acquisitionSouth African telecommunications giant Telkom is making inroads into the Botswana market through the acquisition of an ICT company, Business Connexion (BCX). Read More
Umati Capital secures $10m finance line from ApexPeakKenyan financial tech startup Umati Capital has agreed a deal with ApexPeak securing its first line of wholesale capital. Read More
FEATURED STORYSafaricom-Equity battle for mobile banking hots up
Equity bank's entry to the mobile banking and telephony industry is still hanging in the balance with London-based global association of mobile operators (GSMA) calling for independent audit.
BEST READ NEWS
IN DEPTHKenya rolls out e-extension to improve agriculture
In a bid to curb the overwhelmed number of agricultural extension officers in Kenya, the ministry of agriculture is embracing technology with their introduction of E-Extension services, which are aimed at reaching out to over 7 million farmers annually.