Visa launches security roadmap for Bangladesh

Visa, a global payments technology company, has launched its Future of Security Roadmap for Bangladesh, with a plan to further strengthen payment security in the coming three years.

This blueprint includes ensuring a higher level of security by all local issuers of Visa credentials, says a press release.

The roadmap also envisages updated technology adoption to further secure the ecosystem and clients, strengthening their capabilities by deploying real-time fraud monitoring tools.

While virtually launching the Future of Security Roadmap on Wednesday, Visa's head of risk for Asia Pacific, Joe Cunningham said, "The global pandemic has driven more consumers and businesses across the world to adopt digital commerce. As new users get more familiar with digital payments, whether paying online or with a contactless card at a store, it is important that the experience is convenient, fast, and secure."

"Payment security is Visa's top priority and having a set of common goals for the industry is crucial to helping build long-term trust in digital payments," he added, the press release adds.

"Visa's Future of Security Roadmap for Bangladesh will help the ecosystem here in meeting global standards and best practices. We thank all our partners for supporting this shared vision and working with us to promote the greater use of digital payments in the coming years," he continued.

According to Visa, it has successfully prevented $25 billion in annual fraud by using artificial intelligence, making the global payment ecosystem safer for retailers and consumers.

Commenting on the launch, Visa's group country manager for India and South Asia TR Ramachandran said, "Security of consumer and payment data has always been the highest priority for Visa. Building this trust at a time when new consumers and businesses are going digital is a shared responsibility between payment networks, consumers, banks, and the government."

"New technology brings new ways to pay as well as new and unique risks, and to stay ahead of fraud, we need to work together and invest in security the same way we invest in innovations and consumer experience. We are proud to launch Bangladesh Future of Security Roadmap as the groundwork to achieve this balance between security and experience," he added.

The Visa Future of Security Roadmap is the product of comprehensive consultations and collaboration, making it an authoritative document on the security of payments in Bangladesh, the press release also says.