Visa says Sri Lanka records lowest Asia Pacific fraud rates 

Sri Lanka records one of the lowest fraud rates in the Asia Pacific region and worldwide in terms of making payments online, a top official at Visa International said today (Thursday).

Visa Regional Risk Officer for Asia Pacific Joe Cunningham in an exclusive interview with the Business Times said that Sri Lanka was found to have one of the lowest fraud rates in Asia Pacific.

In this respect, he noted that this indicates that Visa’s clients in Sri Lanka take security seriously. He made these observations when he arrived in the country to launch Visa’s series of protection measures to ensure the safety of making payments online more secure customised to suit Sri Lankan consumers through its three year roadmap on Payment Security.

Visa Country Manager for Sri Lanka and the Maldives Anthony Watson said that they had observed certain trends in more consumers shifting towards online purchases.

Some of the patterns observed over the past three years indicated that there has been a threefold shift towards online e-commerce both domestically and internationally, he said.

In fact, he pointed out that consumers were more technology savvy in that they were more educated on obtaining a secure transaction online.

Some of the tools incorporated in the roadmap include Data Security Standards (DSS), authentication, biometrics and others like EMV chip card system and 3D Secure 2.0 that would support tokens. (SD)