Maybank, PDRM get Visa top awards for card security

KUALA LUMPUR: Global payment technology company Visa gave its top awards to the Royal Malaysia Police (PDRM) and Malayan Banking Bhd (Maybank) for their active roles in card security at the Visa AP & CEMEA 2014 Security Summit.

Maybank, the largest card issuer in Malaysia was granted the Visa Leader award, as it was placed 5th for fraud and authentication rates among Visa’s top 25 clients accounting for 75% of Visa’s payments volume in Southeast Asia and India.

Its highest business priority was payment security that certified the highest level of card security and protection in Malaysia, it said in a statement on Friday.

Visa country manager Ng Kong Boon said  although the global frauds rates were near historic lows at less than 18 sen in every RM321.30 transacted, there was still a need to adapt faster than fraudsters.

In addition, it has undertaken investments to ensure all Visa cards are EMV chip enabled, deploying fraud detection and enabling security measures for online payments.

Meanwhile, the police received the Visa Law Enforcement award for their commitment in fighting card crime and attaining a safer environment for consumers in Malaysia.

“Recogninion of PDRM’s effort will encourage and support the financial services industry to work with Visa and law enforcements to better secure the future of payments,” said Ng.

The Visa 2014 AP & CEMEA Security Summit comprises of security experts, industry service providers, regulatory bodies, law enforcement agencies from all over the world to discover the security trends in the payments ecosystem for sustainable growth for the future.