Visa, the world’s leading global payments technology company, recently hosted a Payment Risk Forum in Doha. Attended by senior management from risk and business functions of Qatar based banks, the one-day forum addressed current fraud trends and challenges in the Middle East, the impact of evolving payments technologies, and highlighted the need for collaborative efforts of stakeholders in the payment ecosystem to combat fraud exposures on a pro-active basis.
The forum shed light on compliance and card-not-present [CNP] issues and discussed best practices adopted across the globe and its relevance to the region, thus reinforcing Visa’s commitment towards banks in Qatar. Also, a session was dedicated to Visa’s Global Authentication Strategy, which aims to improve payment industry security by eliminating account data from the payment environment whenever possible, protecting sensitive information wherever it is stored, processed or transmitted, and devaluing stolen account information through dynamic authentication solutions such as EMV chip technology.
Visa was represented by Rahul Joshi, Visa Country Manager for Qatar, who opened the forum, and presenters Yasser Kunhi, Visa Associate Director, Risk Services, and Poh Huat Lee, Senior Director for Brand Protection at Visa. Commenting on the significance of the forum, Rahul Joshi, Visa Country Manager, Qatar, said: “With Qatar as an important market, Visa has been working closely with the banks and the clients to help them improve the card payment experience for cardholders by offering increased flexibility, convenience and security. The Visa Payment Risk Forum in Qatar is part of our commitment to work with the payment industry stakeholders and our partners in Qatar to effectively mitigate fraud challenges and share the latest fraud trends from a global perspective, and to enhance customer experience and security in Qatar.”
He added: “Ensuring the integrity of the shared electronic payments infrastructure, which includes data security, fraud prevention, and compliance, requires industry-wide efforts. To maintain confidence and trust in the international payment systems, Visa and the payment industry have made enormous investments in data security and fraud prevention.” “With technological innovations and advances in risk management we have reduced fraud to near historic-lows, with less than six cents per $100 transacted, during a time when Visa’s card transaction volume has grown dramatically. In fact, for the Middle East and North Africa region, it sits lower at three cents per $100 transacted. We are privileged to work with our partners in Qatar to raise awareness of improved security for the customers,” said Yasser Kunhi, Visa Associate Director, Risk Services.
“Data compromise incidents are increasing across the globe. Criminals are targeting organizations with high volume of data such as payment processors, merchant establishments and banks – stealing data both in transit and at rest. As security is our top priority, we will continue to work with our partners to promote the use of secure payment technologies and the latest fraud prevention tools,” he added. Visa has been at the forefront of exchanging ideas on payment system risks, fraud and security and the company is investing heavily in advanced fraud-fighting technologies to develop and deploy new and innovative programs to mitigate fraud and protect cardholders.