ID :
182819
Wed, 05/18/2011 - 07:14
Auther :
Shortlink :
https://oananews.org//node/182819
The shortlink copeid
TWO-FACTOR AUTHENTICATION IN M'SIA BY 2012 TO BOOST GROWTH OF VISA CARDS
By Tengku Noor Shamsiah Tengku Abdullah
SINGAPORE, May 18 (Bernama) -- Visa Inc. a global payments technology
company, hopes the move by Bank Negara Malaysia to mandate the use of two-factor
authentication in Malaysia by 2012 will further boost growth of visa card
holders.
Mike Smith, who currently heads Visa’s Risk Management operations in the
Asia Pacific, Central Europe, Middle East and Africa, said: "With this in place,
it will also lead to an increase of online transactions as the customers are
confident of the security of their payment."
"In South East Asia, Malaysia is a very important market for us," he told
Bernama in an interview.
Smith said the growth in the Malaysian market was quite good, both in credit
and debit.
"We believe debit is a good opportunity, we want to make sure that consumers
have as much choice as possible.
On debit cards, he said: "Debit cards online was an area that we believe
we want to open up more."
"Although we believe that credit is used more, debit is starting to open up
now. Visa is working to educate stakeholders that is the choice that they will
be able to have," he said.
Before moving to Singapore, Smith was the Head of Payment System Risk in the
United States, responsible for developing and implementing Visa strategies and
policies for data security, acceptance risk and fraud control.
"Through what we call "Visa Brand Promise," it is really about convenience.
It means that Visa cardholders can bring their cards all over the world and
are expected to work.
"We have 30 million to merchandise locations around the world, 1.8 billion
Visa cards out there we've got 16,000 financial institutions issuance cards,'
he said. Smith said Visa moves US$5 trillion payment every year.
To ensure security of Visa cards usage for online payment, Smith said the
company had introduced the Visa Global Risk System strategy.
"We put this in place about three years ago and we recognise that we need to
have a very methodical system and a strategy with respect to risk management
globally.
"As you know we became a public-listed company just two years ago and the
way risk management was run ethically. So we have a single strategy now
globally. I think that differentiates us from the other brands," he said.
Smith said Visa's strategy has three components to prevent, protect and
respond.
He said prevent is Visa's philosophy to stop fraud from happening.
"Let's try to stop the stealing of the data before it ever happens. If we
can do that, fraud doesn't happen," he added.
SINGAPORE, May 18 (Bernama) -- Visa Inc. a global payments technology
company, hopes the move by Bank Negara Malaysia to mandate the use of two-factor
authentication in Malaysia by 2012 will further boost growth of visa card
holders.
Mike Smith, who currently heads Visa’s Risk Management operations in the
Asia Pacific, Central Europe, Middle East and Africa, said: "With this in place,
it will also lead to an increase of online transactions as the customers are
confident of the security of their payment."
"In South East Asia, Malaysia is a very important market for us," he told
Bernama in an interview.
Smith said the growth in the Malaysian market was quite good, both in credit
and debit.
"We believe debit is a good opportunity, we want to make sure that consumers
have as much choice as possible.
On debit cards, he said: "Debit cards online was an area that we believe
we want to open up more."
"Although we believe that credit is used more, debit is starting to open up
now. Visa is working to educate stakeholders that is the choice that they will
be able to have," he said.
Before moving to Singapore, Smith was the Head of Payment System Risk in the
United States, responsible for developing and implementing Visa strategies and
policies for data security, acceptance risk and fraud control.
"Through what we call "Visa Brand Promise," it is really about convenience.
It means that Visa cardholders can bring their cards all over the world and
are expected to work.
"We have 30 million to merchandise locations around the world, 1.8 billion
Visa cards out there we've got 16,000 financial institutions issuance cards,'
he said. Smith said Visa moves US$5 trillion payment every year.
To ensure security of Visa cards usage for online payment, Smith said the
company had introduced the Visa Global Risk System strategy.
"We put this in place about three years ago and we recognise that we need to
have a very methodical system and a strategy with respect to risk management
globally.
"As you know we became a public-listed company just two years ago and the
way risk management was run ethically. So we have a single strategy now
globally. I think that differentiates us from the other brands," he said.
Smith said Visa's strategy has three components to prevent, protect and
respond.
He said prevent is Visa's philosophy to stop fraud from happening.
"Let's try to stop the stealing of the data before it ever happens. If we
can do that, fraud doesn't happen," he added.
