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Visa has released a five-year agenda for Australia to strengthen the security of the payments system.
All of the initiatives will provide greater protection against fraud for cardholders, merchants and financial institutions, while some will also help to reduce the time it takes to make an electronic transaction.
These initiatives are aimed at addressing online fraud; fraud resulting from lost, stolen and counterfeit cards and from the possible theft of personal information.
Although fraud in Australia is low by world standards, new initiatives are required to help manage the trend from cash and cheque to electronic payments.
The seven key initiatives planned for implementation within the next five years are:
- Ensuring all merchant terminals in Australia are chip-capable and operational;
- Moving to 100 percent chip card issuance earlier than planned;
- Introducing a broad rollout of PIN (Personal Identification Number) verification for all domestic transactions with the aim of ending the use of signature;
- Enrolling all cardholders in the online authentication system - Verified by Visa;
- Requiring all online merchants in Australia to check the three-digit security code (Cardholder Verification Value 2) on the back of the card;
- Ensuring higher levels of data security protection at “Level Four” eCommerce merchants and,
- Ensuring all Automated Teller Machines (ATMs) are chip-enabled and activated.
Visa already offers 100 percent purchase protection across all of its credit, debit and prepaid cards issued in Australia under its Zero Liability policy. Under this policy, Visa cardholders are not held liable for unauthorized transactions whether they are conducted online, in person or over the phone.
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Australia
