sb-nz logo
Story image

Visa carves out security roadmap for consumer payment technologies

15 May 2018

New research by Visa says that the payments industry is embracing the future of consumer technologies like biometrics, as New Zealand consumers leave older technologies like PINs and passwords behind.

In October 2017 Visa conducted a study of 500 New Zealand adult consumers and found that 88% would like to use biometrics to authenticate payments.

Biometrics technologies include fingerprints, voice, retina, and face scans for authenticating payments made via a mobile or wearable device.

Kiwis believe that the top benefit of using biometrics is that they don’t need to remember their password or PIN – the research found that only 29% of respondents still use a unique PIN or password.

Visa has released its Future of Security Roadmap that sets the standards of New Zealand payments security from 2018 to 2020 and beyond.

The roadmap focuses on four strategic pillars: Devaluing data to make stolen account details useless; protecting data through the use of safeguards; harnessing data to identify potential fraud; and empowering everyone including account holders, third party providers and merchants to play an active role in securing payments.

“Everyone has a role to play in protecting New Zealand consumers and businesses from breaches of any kind. Technology has enabled truly seamless commerce, but it has also brought unique risks,” says Visa’s country manager for New Zealand and South Pacific, Marty Kerr.

“To stay ahead of fraud, we need to work together to fight fraud with the full force of our collective expertise.”

Visa says the roadmap has five initiatives to ensure secure evolves at the same pace as innovation.

The initiatives include:

- biometrics - tokenisation, a process which removes sensitive data from the payments ecosystem and replaces it with a unique digital identifier (a ‘token’)  - 3-D Secure 2.0, an e-commerce authentication and fraud detection tool - minimum standards for payments innovation - a goal to achieve 100% EMV chip acceptance, meaning every consumer and merchant can benefit from the security layers provided by this technology.

“For the first time, our biometrics authentication standards effectively substitute the need for a PIN on purchases over $80,” Kerr says.

The biometrics initiative sets standards that, once met by device manufacturers, enable biometrics to be used as the primary form of authentication at the point of sale.

“This means that if a device meets Visa’s new standards, we believe its biometrics reader is as secure as entering a PIN on a merchant’s terminal,” Kerr continues.

Kerr notes that five years ago that the ‘rarity’ of PINs would have been unbelievable – but now Kiwis are demanding more innovative ways to pay.

Story image
The ultimate network security audit checklist
Experts project that losses and damage from cybercrime will skyrocket, with attacks ranging from spam and phishing to malware and spyware — all compromising the safety of sensitive data and proprietary information. These attacks can be minimised by performing network security audits regularly.More
Story image
Dell updates data protection/management solutions
PowerProtect DP series is an integrated data protection appliance, offering a range of capabilities to protect and manage data.More
Story image
The retailer safety guide for the world of online shopping
Are you an online retailer? This guide details the threats that you need to be aware of to keep safe in the biggest ever year of online shopping.More
Story image
Rising threat of data breaches among enterprises drives growth in network security revenue
"Key factors leading to the growth of network security market revenue in the Asia Pacific region includes instances of ransomware attacks, targeted attacks and phishing."More
Story image
Why 2021 will be the year of catch-up
The transition to remote work and new online contactless business models is not temporary and is affecting the future strategy on how organisations invest in cybersecurity, writes Radware vice president and managing director for EMEA and LATAM, Rob Hartley.More
Story image
DevSecOps increasingly important, but APAC organisations lagging behind
The rise of DevSecOps comes at a time when IT leaders are faced with an increasingly active cyber threat landscape, coupled with higher consumer expectations of digital offerings and application usage due to a sharp increase in online activities.More