Visa will work with partners across the industry to prevent potential attacks, the global payment company told at the 15th Asia Pacific Visa Security Summit in Shanghai recently.
E-commerce is safer, more advanced and accessible than ever before, digital payments continue to grow across the Asia Pacific as consumers become more active users of e-commerce and rapidly adopt cashless methods of transactions, it said.
Central banks and regulators are also implementing digital initiatives to reap the benefits of digital payments which include greater convenience and innovation and reducing costs associated with cash handling, it said.
But these developments are proliferating data, which is increasingly attractive to cybercriminals, it said.
Visa revealed that issuers and retailers are responding to consumer demands for greater convenience through access and use of payment account information across multiple channels and devices.
As consumers shop and pay with digital devices, it said it is helping safeguard the payment eco-system through a multi-layered approach to payment data safety with solutions and services based on global security standards.
This has helped keep global fraud rates at historic lows, even as payment volumes grow, it pointed out.
The company expects the industry to continue this trajectory as payment security technologies become more advanced.
As the threat of cybercrime becomes more sophisticated and pervasive, Visa, together with the industry, is pioneering new ways and solutions to secure ecommerce experiences further and prevent potential attacks, it said.
The 2019 Asia Pacific Visa Security Summit is one of the largest payment security events in the region and brings together leading risk professionals to share learnings and best practices in payment security innovation.
This year more than 500 participants gathered to hear how the industry can continue to collaborate.
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