NAIROBI, Kenya, Feb 15 – Global payments technology firm, Visa has organised a two-day meeting in Nairobi to discuss ways of ensuring the safety and integrity of the regional card payment system infrastructure.
The company said on Wednesday that the Sub-Saharan Africa Regional Fraud Council which draws participants from selected member banks across the entire Sub-Saharan region will provide them with an opportunity to learn about Visa’s Payment System Risk Strategy and to share its message with their respective country risk forums.
“Tackling potential fraud is critical to success in any market. We are able to call on global experts to come to Nairobi to share their experiences and start an ongoing conversation as part of the constant battle against fraud. The Regional Fraud Council is a vehicle for the entire market to benefit from collaborative effort,” said Victor Ndlovu, Visa Country Manager for East Africa.
The forum, he added, is also an important opportunity for Visa to gain first-hand understanding about the challenges the respective countries are facing and to assist in building effective roadmaps to combat fraud.
“An important tool in the battle against fraud is collaboration amongst peer banks and across borders,” he emphasised.
Bryce Thorrold the head of the Visa Sub-Saharan country risk management team added that while payments fraud remains at historic lows, there is a need for such firms to remain vigilant to protect cardholder data from misuse.
“Visa employs multiple layers of security that work together to help manage fraud. From anti-counterfeit features to network-based fraud detection to data security standards that help keep sensitive information secure, we are committed to leading the industry toward a more secure, trusted payment system,” he pledged.
To minimise fraud in the payment system Thorrold added that Visa is building policies, tools and technologies that will help prevent the vice before it happens.
He added: “Visa’s approach is to protect vulnerable card data wherever it is stored, processed or transmitted throughout the payment system; and monitor and manage fraud to ensure prompt response and minimize impact to stakeholders, including cardholders.”