Visa is implementing new transaction security measures in Thailand to protect the safety of the country’s businesses and consumers.
According to Pipavin Sodpraser, country manager for Visa Thailand, Visa has implemented new measures as part of Visa’s “Security Roadmap for Thailand” campaign. These measures provide enhanced protection for digital and physical transactions using artificial intelligence data-driven solutions to identify and prevent cyberattacks on the payment system, as well as offering expertise and protection against security threats.
Pipavin stated that Visa has outlined its roadmap across crucial areas to continue securing the country’s payment ecosystem, including the adoption of security technologies and systems that prevent enumeration attacks and the exploitation of customers and companies.
Visa noted that two fraud types have been observed in Thailand and throughout the Asia-Pacific region. The first is an enumeration attack, in which a scammer tries to guess cardholder credentials by attempting thousands of small transactions through online merchant websites employing brute-force techniques.
The second one is a scam attack, which is commonly carried out by sending a phishing link by text message or email disguised as being from a bank or financial services company. Once those links are clicked, the victims will be directed to a fake website where they will be asked for their payment credentials, such as bank account or credit card information.
Joe Cunningham, regional risk officer for Asia-Pacific at Visa, stated that Visa noticed a significant acceleration in consumer online activity, which continued throughout the pandemic. Consumers and businesses, especially small and medium-sized ones, needed to create an online presence to ensure survivability from the lockdowns and other regulations during the outbreak.
Cunningham stressed that Visa’s roadmap will highlight four strategic pillars, which includes depreciating data by removing sensitive payment data from external platforms; harnessing data to spot possible fraud before it occurs; increasing confidence in authorizing good transactions; and allowing everyone to play an active part in protecting payments, such as transaction notifications and spending controls. (NNT)
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