Biometrics centrepiece of new Visa security roadmap

Visa has raised the lid on its new security roadmap, focusing ab initio on statistics, with Joe Cunningham, Head of Risk for Asia Pacific at Visa, touting the technology as having a very important place within the way forward for payments.

Although the technology isn't innovative, Cunningham same it's currently at a degree wherever Visa and its system of banks, merchants, fintech companies, service suppliers, enforcement, and cardholders feel snug supporting it, as he same bound kinds of statistics have reached a stable and secure level.

"We perpetually expected statistics to induce to a degree wherever they might play a very important role in payments, in reality we have a tendency to expected statistics to play a very important role in our lives as we have a tendency to act our every day business whether or not it's accessing buildings, our car, or an internet service," he said.

"So there is no surprise that payments has been front and centre once it involves biometric adoption.

"Everyone thinks of statistics once they believe payments within the future."

According to Visa, another part the employment of statistics offers may be a answer to what he labeled  as "fairly substantial" pain-points within the Australian market.

"Research shows that here in Australia we've a memory issue once it involves PINs and passwords; this goes to merely attribute and people's want to use constant ones," Cunningham explained.

"Only one in four Australians use distinctive passwords for various services; and twenty three p.c of Australians use constant PIN for all their debit and mastercard accounts."

However, he same sixty seven p.c of Australians believe that statistics makes watchword authentication easier which customers feel snug with their money establishments storing and protective their biometric data.

"The average Australian can [soon] have two hundred completely different|completely different} on-line accounts -- which will need them to recollect different PINs and passwords,"

The Visa way forward for Security Roadmap aims to line the direction for Australian payments security from 2017 through to a minimum of 2020, and follows on from Visa's seven purpose security arrange that it launched variety of years agone, with then-emerging chip technology being its centrepiece.

The roadmap are going to be tweaked and launched in multiple countries, however the world money services large launched it in Australia initial, given the speed at that Australians have taken to new payment ways over the last decade.

"I return here a couple of times a year and each time I do it's sort of a visit to the long run compared to a number of the markets during which I operate," Cunningham explained.

"We have substantial penetration of electronic payments in Australia -- a heavy shrinking within the use of money -- and there are literally only a few places left in Australia wherever non-chip terminals square measure still breathing."

PayWave adoption is additionally high, with ninety two p.c of face-to-face payments created mistreatment PayWave. As a result, a 2018 roadmap item is 100% EMV -- Europay, Mastercard, Visa -- chip acceptance.

In addition to statistics being the immediate focus of Visa, its a pair of017 priorities additionally embrace educating the system on three-D Secure version 2.0, and to hurry up the employment of tokenisation.

3-D Secure version a pair of.0 is delineate by Visa as a tool for merchants that enables for the "seamless" authentication of shoppers once looking on-line, associate degreed additionally includes increased fraud detection for all parties concerned in an e-commerce group action.

"Our ecommerce business has big thirty five p.c within the last 2 years, and wherever payment volume grows, therefore too will fraud," Cunningham explained.

While world fraud rates square measure at associate degree "all-time low", fraud is continuous to shift on-line.

According to Visa, card-not-present (CNP) fraud, wherever transactions square measure conducted over the phone or on-line, currently represents seventy eight p.c of total card fraud in Australia.

As account details square measure hold on in additional places, like with on-line merchants, Visa is looking on money establishments and merchants to devalue or "tokenise" this information.

Tokenisation may be a method whereby payments data is replaced with distinctive tokens that square measure useless if taken.

"The vision over the long run for security is to fully eliminate all sensitive information from the system," Cunningham same.

"We don't desire these 16-digit numbers with their ending dates sitting in databases anyplace, we would like them eliminated and replaced with wasted items of data.

"Where we won't eliminate that information, we'd like to be remorseless in however we have a tendency to shield it."

In recent years, tokenisation has underpinned associate degree increasing range of mobile wallets, together with the likes of Apple Pay and golem Pay.

"Almost each shopper bank in Australia uses or takes advantage of the Visa token service," Cunningham else.

"We love tokenisation from a risk and security purpose of read as a result of it will precisely what we have a tendency to asked at the start, that is to eliminate sensitive information."

However, the long run of tokenisation is e-commerce and by 2020, Visa needs each businessperson that stores card data to use tokenisation as some way of eliminating honeypots of sensitive information, nisus for 100% tokenisation of all account holder information control outside of economic establishments.