VISA: Online shopping is safer than ever
CEMEA is one of the regions with the lowest fraud rate globally, and in March this year the abuse rate was lower by eight percent compared to the same period last year
Global cybercrime has risen significantly since the start of the pandemic with annual costs reaching $ 10.5 trillion by 2025. Tactics are more sophisticated, and messages are personalized and tailored to the individual. However, due to the systematic efforts of the payment industry, the number of realized attempts at abuse remains at an all-time low.
Over the past five years, Visa has invested $ 9 billion in technology solutions that help analyze an average of 500 data per millisecond to spot fraud.
As a result, Visa has saved its customers $ 3.3 billion in recorded 5.1 million fraudulent transactions, thanks to the use of technologies such as tokenization and EMV, which provide protection even in the worst cases.
“Abuse rates in the region of Central and Eastern Europe, the Middle East and Africa are the lowest compared to other parts of the world, as a result of the joint efforts of the entire financial industry. The fraud rate dropped by eight percent in March this year from the same period last year, so we can say that online shopping is safer today than ever before, “said Hector Rodriguez, Visa’s vice president of risk for CEMEA.
The Visa expert pointed out that consumers who are increasingly turning to online shopping in the extended covid era are not aware of the threats and the fact that they may be in danger. Social engineering has become more advanced, and 97 percent of consumers are unable to recognize well-tailored identity theft emails.
“We are witnessing an explosion of compromised logging and sensitive data, but more than half of the people still use the same password for multiple accounts, although one of the most important security recommendations is not to use the same codes. “Informing, educating and raising awareness about the prevention of cyber attacks is of great importance for Vis,” Rodriguez pointed out.
Great boom of e-commerce across the CEMEA region
Digital space is becoming a new normality. For nearly seven out of ten consumers, the pandemic has permanently changed the way they pay, while 82 percent of SMEs have embraced new technologies to adapt to changes in behavior, according to a Visa Back to Business study.
“Since the beginning of the pandemic, some companies have completely stopped accepting cash, and at the same time there has been a sharp increase in” super applications “that offer new and faster payment options. When we look at the global picture, even in the CEMEA region, we can divide companies into those that have not or have barely survived this change and those that have successfully started using it as a basis for their business, ”said Neil Caldwell, Director of Merchant Relations and banks in Visa for the CEMEA region.
Caldwell pointed out that the company, in addition to security challenges, must also take into account the changed attitudes and habits of consumers.
“Diverse and increased expectations from shopping have led to the fact that 81 percent of consumers are ready to pay more for a positive, contactless payment experience. One in three consumers who reach the payment terminal does not want to spend more than 30 seconds on that procedure, and if it takes longer, they give up. “An increasing number of them are asking for some kind of biometric authentication, so I believe that security procedures should be in balance with the user’s payment experience,” Caldwell concluded.
Visa organized a virtual event for journalists from the CEMEA region, which covers a market of about 90 countries – Central and Eastern Europe, the Middle East and Africa. Visa executives presented their views on key areas of payment system security, the most significant investments and pointed out the possibilities for preventing the risk of cyber attacks.
Source: BIZlife by www.bizlife.rs.
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