Jun 04, 2013
Singapore, May 29th 2013 - Visa Inc. today recognized the contributions of KASIKORNBANK Thailand and Maybank Malaysia at the Visa APCEMEA Security Summit 2013. KASIKORNBANK Thailand and Maybank Malaysia were two of 20 financial institutions to receive a Visa LEADER Award, and were recognized for their contributions to fraud and risk management in Southeast Asia (SEA). The Visa LEADER Awards were established to promote best practices in risk management standards across the financial services industry.
Visa LEADER Award winners were selected based on quantitative and qualitative criteria that included fraud to sales ratios; authentication measures; data security; PCI-DSS compliance; risk initiative and innovation as well as fraud investigation. The LEADER Award is divided into two categories: “Best Issuing Institution” and “Best Acquiring Institution”.
Maybank Malaysia received “The Best Issuing Institution in SEA” award for playing a leadership role in driving authentication and data security initiatives. Visa recognized the institution for achieving one of the lowest fraud rates in SEA. Maybank Malaysia has also actively participated in various payment industry forums such as the National Cards Group Council and the Malaysian Risk Management Task Force and is a strong supporter of the Visa SEA Risk Council and the Visa APCEMEA Risk Executive Council.
“As the largest bank in Malaysia, we believe that we must play a leading role in working with industry partners and local regulators to put in place anti-fraud measures that will provide the safest environment possible for our customers to bank in,” said Datuk Lim Hong Tat, Deputy President, Community Financial Services, Maybank.
KASIKORNBANK Thailand received “The Best Acquiring Institution in SEA” award for its active role in risk management. This accolade to KASIKORNBANK is the result of its various ongoing efforts in continuously driving electronic banking security and setting new industry benchmarks such as upgrading ATMs to accept EMV chip cards. In addition, KASIKORNBANK has significantly expanded Visa acceptance in all merchant segments and is the first bank to have successfully launched the K-Merchant on Mobile service, a mobile point-of-sale (mPOS) solution. Merchants are eager to accept this mPOS solution and over 1,000 mPOS devices have been deployed to date.
“KASIKORNBANK is firmly committed to providing our customers with trusted and secure payment solutions to protect against ever-increasing risks of fraud,” said Mr. Pakorn Partanapat, Executive Vice President, KASIKORNBANK. “We are honored by this distinction that recognizes our actions and commitment to protect accountholders and will continue to collaborate with Visa to innovate and integrate strong risk management practices to prevent fraud.”
As well, in 2013, the global payments company has introduced the Special Award category to recognize the financial institution which has most significantly contributed to the advancement of risk management standards in APCEMEA. The Special Award was presented to SMCC Japan for lowering regional fraud levels by engaging in proactive fraud monitoring tools and risk operations on behalf of 50 members of the VJA Group. SMCC was also lauded for playing an active role in driving industry-wide projects – from product innovation to fraud risk management – and leading the building of a secure mobile payment environment in Japan with its “Mobile payWave ECO system” with Japanese mobile carriers and payment vendors, and development of Japan’s mobile point-of-sale (mPOS) risk guidelines.
“We have worked hand-in-hand with the payments community to harden the Visa system against potential attacks, but we must be constantly vigilant and avoid complacency. Even with global fraud rates near historic lows, we must adapt faster than those that might seek to do damage to the stakeholders in the payment ecosystem. With new players and technology, and consumers having greater access to the internet, the potential exposure to fraud has increased,” said Tolan Steele, Head of Risk, Visa APCEMEA.
Steele continued, “We are working closely with our partners and stakeholders to address this changing landscape, and the LEADER Awards aims to recognize the financial institutions that have put in place innovative data security technologies and fraud prevention strategies to keep payments safe for consumers. We hope that the LEADER Awards will encourage the financial services industry to continue the advancement of risk management practices to better secure the future of payments.”
Re-disseminated by The Asian Banker