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
DHL to invest millions of Euros across SSA in 2015DHL plans to invest millions in upgrading its shipment handling systems and facilities in SSA this year. Read More
Ebenezer Asante to assume CEO role of MTN GhanaEbenezer Twum Asante will officially assume the position of Chief Executive Officer for MTN Ghana, effective 1st July, 2015. Read More
Nomanini scales West African footprint with Transaction Solutions partnershipSouth African-based portable Point of Sale (PoS) service provider Nomanini has signed an exclusive agreement with Transactions Solutions Ghana Limited to substantially scale numbers of its cloud-based PoS terminals in Ghana. Read More
Online procurement system for East Africa goes liveKenyan IT start-up M-Tenders Systems has created East Africa’s first live online procurement system, www.m-tenders.com. Read More
Customer experience starts with staff experienceCompanies seeking to improve customer experience to boost business may be overlooking a critical component in the mix: staff, says new Interactive Intelligence research. Read More
MasterCard, Ecobank Group to accelerate e-payment in SSAEcobank, Africa’s largest bank by geographical reach, will roll out MasterCard payment solutions to millions of its customers in Africa. Read More
Travellers more tech savvy78% of global travellers are using digital information while planning their trips; 66% resorting to digital sources for travel tips at the destination, says Visa. Read More
Standard Chartered appoints Chief Innovation OfficerStandard Chartered Bank says it has appointed Ms Anju Patwardhan as the Bank’s first Group Chief Innovation Officer, effective 1 July 2015. Read More
Cameroon: a well-kept investment secretThe investment opportunities in Cameroon are wide open, believes Africa strategy advisor for Moore Stephens, Jeff Blackbeard, who recently met with Cameroonian Prime Minister Philémon Yang. Read More
FEATURED STORYIHS plans to inject fresh $500m to grow capacity
Mohammed Darwish, managing director of IHS Towers, says the firm will soon inject another $500million into the business after raising some $2.5billion to finance expansion drives. Darwish spoke with biztecafrica.com in Lagos.
BEST READ NEWS
IN DEPTHAs curtain falls on MDGs, what next?
Dr. Bjorn Lomborg, president of the Copenhagen Consensus Centre, speaks to Biztechafrica about setting smart targets.