Visa launches updated security roadmap for Hong Kong

Amongst initiatives include reduction of SMS OTP reliance and adoption of tokenisation.

Global digital payments leader Visa has launched an updated security roadmap for Hong Kong.

The roadmap is a collection of mandates, best practices and thought leadership that outlines Visa’s journey to support the safety and security of the payment ecosystem in different markets. 

Since the inception of the Security Roadmap in Asia Pacific in 2018, fraud volumes have plateaued amidst continued growth of payment volume seen on VisaNet, the payments giant said in a press release.

But whilst fraud instances have lessened, more complex fraud schemes have emerged, according to Visa.

There has been a 91% in ransomware attacks in March 2023 compared to just a month prior to that, according to Visa’s Biannual Threats Report. This is also a 62% rise than in March 2022. 

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Enumeration attacks have also reportedly increased by 40% in March, compared to six months ago.
 
During this timeframe, an increase in the number and variety of reported consumer scams was evident, Visa reported. 

Amongst initiatives included in the roadmap is their advocacy to reduce over-reliance on SMS OTP (one-time password) for authentication; adoption of tokenisation for all Card-on-File (COF) merchants to devalue sensitive data and enhance overall security during purchases; adoption of EMV 3-D Secure, which it says will make e-commerce transactions safer; and amplifying its public education campaign.

Most recently, Visa collaborated with Olympic medalist Siobhán Haughey to educate consumers on the importance of payment security. The video series are released on Visa’s official Facebook, Instagram and YouTube platforms.