Visa has launched a new roadmap to set the direction for payments security in Australia from 2017 to 2020, and beyond.
The payments company said fraud is continuing to shift online. Card-not-present fraud, where payments are made over the phone or online, currently represents more than three quarters (78%) of total card fraud in Australia.
Visa group country manager for Australia, New Zealand and South Pacific Stephen Karpin said: “Everyone has a role to play in protecting Australian consumers and businesses from breaches of any kind. Technology has enabled truly seamless commerce, 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 give to new products.”
New research commissioned by Visa has found that only one in four (25%) use a unique password for each password-protected account and one in three (32%) use a unique PIN for each debit or credit account.
The Visa Future of Security Roadmap focuses on a number of initiatives, which the company believes will enable security to evolve at the same pace as the technologies evolve.
These include: tokenisation; introduction of 3-D secure version 2.0; new biometrics standards; global standards for software-based PIN entry; and EMV chip acceptance.
Visa chief risk officer for Australia, New Zealand & South Pacific Sam Gianniotis said: “Decades of hard work by Australia’s financial institutions, merchants and the international payments networks, including Visa, has led to ingrained trust in digital payments, trust that is well-deserved. Our collective responsibility is to continue protecting and delivering on this trust, as we enable new and exciting ways to pay.”