Thursday, July 18, 2019

Proactive steps needed to reduce fraud in digital payment system

Business Desk :
Visa, the global leader in payments technology, held its annual Visa Risk and Security Conference for its clients and partners in the Bangladesh market at a city hotel recently.
More than 100 stakeholders of the country's payments fraternity, including senior business, risk management, Information Technology and Information Security executives from banks took part in the conference.
International experts from Visa shared global best practices and key insights on critical aspects of digital payments like cyber security, system vulnerabilities mobile payment frauds.
Speaking of the summit, Vipin Surelia, Head of Risk Services of India and South Asia said, "The World Economic Forum identifies large-scale cyber attacks as the 5th biggest risk facing the world in 2019 and emerging markets are more vulnerable to such attacks."
"So need to take proactive steps to identify, and mitigate risks and reduce fraud incidents. Visa continuously engages with its partners and the regulators in the country to fight fraud and create better payment infrastructure," he added.
He further said over 30 years, Visa has played a vital role in enabling digital payments in Bangladesh.
 Md Mahbubur Rahman Alam, Associate Professor of Bangladesh Institute of Bank Management, emphasized on the importance of IT Governance and need for Board and Senior Management to be actively involved in cyber security.
He also urged the participants to be prepared for eventualities and laid stress on hiring trained professionals in IT and Information Security.
In recent times, Bangladesh has witnessed considerable growth in digital payments. According to a recent BIBM survey, non-cash payments through various channels is growing at around 53%, as more consumers shop online and use credit and debit cards at retail outlets.
Visa's security and risk experts stressed that as more sophisticated payment methods emerge, it is important to have robust security infrastructure and for banks to ensure that the data and transactions of their customers are protected at all times.
The summit highlighted the need for trained and skilled IT professionals who can identify and deal with potential risks in order to fight the continuous battle with fraud.