Today’s data thieves are highly sophisticated in their technological expertise and their understanding of the payment infrastructure. They are smart, nimble and determined – moving quickly to take advantage of any new opportunity to perpetrate fraud globally.
To counter this threat, every entity with a stake in the electronic payments network must be fully committed to protecting the system 24 hours a day.
Visa’s approach is based on the belief that the only effective way to fight fraud is to employ multiple layers of security. Simply put, there is no “silver bullet” that will erase fraud. Criminals attack the payment system from many directions using multiple tools and tactics. Visa works to protect each link within its control and works with others in the payment chain with an aim to ensure there is no single point of failure - no weak link.
In Australia, Visa has worked with the industry to implement a comprehensive seven-point security agenda to strengthen the payments system.