Visa Awards PDRM and Maybank for Leading Roles in Card Security at Visa Security Summit
Two Malaysian institutions, the Royal Malaysia Police (PDRM), and Maybank, have been recognized by global payments technology company Visa for playing leading roles in card security at the Visa AP & CEMEA 2014 Security Summit.
Maybank received the Visa LEADER award for the active role it plays in the country’s risk council. In addition, the bank worked with local regulators and demonstrated its leadership role in securing the payments industry.
Maybank, which is the largest card issuer in Malaysia and the 8th largest in Southeast Asia, was also recognized for its strong work with local regulatory bodies on a number of payment security related initiatives. In terms of fraud prevention, the bank was ranked 5th for fraud and authentication rates among Visa’s top 25 clients, who account for 75% of Visa’s payment volume in Southeast Asia and India.
“Payment security sits at the top of Visa’s highest business priorities, and we are happy to recognize Maybank for its excellent proactive efforts to ensure the highest level of card security and protection in the country. Maybank is clearly leading the way for the advancement of risk management practices in the region,” said Ng Kong Boon, Visa Country Manager for Malaysia.
Maybank has invested significantly to secure Visa products, including ensuring all Visa cards are EMV chip enabled, and employing dynamic security measures for online payments. In addition, Maybank utilizes robust fraud detection for effective risk management, and has been a strong proponent of innovation by actively supporting contactless payment card programs such as Visa payWave cards and NFC enabled mobile payments.
At the same event, the Royal Malaysia Police (PDRM) was awarded with the Visa Law Enforcement award for demonstrating a clear commitment in fighting card crime and keeping card payments safe for consumers in Malaysia.
“Visa believes security is a shared responsibility and works hand-in-hand with the entire payments community in Malaysia, including law enforcement, to protect the payment ecosystem against potential attacks. Even with global fraud rates near historic lows at less than 6 cents (18 cents) in every US$100 (RM321.30) transacted, we must adapt faster than fraudsters who seek to do damage. We hope that this recognition of PDRM’s effort will encourage the financial services industry to work with Visa and law enforcement to better secure the future of payments,” added Ng.
The Visa 2014 AP & CEMEA Security Summit brings together security experts from financial institutions, industry service providers, regulatory bodies and law enforcement agencies from across the world to explore the latest security trends in the payments ecosystem, and how we can work together to drive sustainable growth for the future.
Visa is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 47,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com.
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