Visa Announces Plans to Strengthen Payments Security in Support of Cambodia’s Cashless Transformation

Visa, the world's leader in digital payments, has today launched its Future of Security Roadmap for Cambodia, outlining a robust approach for strengthening payments security in the country over the subsequent years.

Visa's Roadmap focuses on a number of key initiatives which will enable security to evolve at the same pace as the technologies changing the way we pay, pointed out a Visa's news release, adding that these security initiatives include Devalue data by removing the sensitive data from the ecosystem and making stolen account details useless, Protect data by implementing safeguards to protect personal data as well as account details, Harness data by identifying potential fraud before it occurs and increase confidence in approving good transactions, and Empower everyone, including accountholders, 3rd party providers and merchants, to play an active role in securing payments.

We are proud to be launching our Cambodia Future of Security Roadmap. Securing the commerce ecosystem is our highest priority and one we view as a shared responsibility between payment networks, consumers, banks, and the government. Technology has enabled new innovative ways to pay and be paid, but it has also brought unique risks. To stay ahead of fraud, we need to work together and give security the same attention and investment as we do the innovations driving new commerce experiences, said Ms. Monika Chum, Visa's Country Manager for Cambodia said.

The release of Visa's Roadmap comes at a time of rapid change for payments in Cambodia with innovations such as mobile payments set to enhance the payment experience for consumers. According to Visa's Consumer Payment Attitude study, security remains a key consideration for consumers across Southeast Asia with 67 percent concerned about the safety of their personal information when using their mobile phone to make payments.

When asked specifically about what their top three concerns were when using their mobile phones to make payments, consumers in Cambodia said losing my phone or having my phone stolen, my phone getting hacked or someone intercepting my data, and malware or viruses being installed on my phone.

Visa works with industry stakeholders including financial institutions, merchants, policy makers, law enforcement and accountholders to secure payments. The Visa Future of Security Roadmap is the product of comprehensive consultations and collaboration, making it an authoritative document on Cambodia payments security.

Visa is delivering roadmaps around the world to ensure the security of the global commerce ecosystem, as well as working with Cambodia industry bodies to align security initiatives.

Source: Agency Kampuchea Press