Visa (NYSE:V), a world leader in digital payments, recently hosted Pakistan’s premier “Fraud Prevention and Risk Management Summit”. This landmark event in Karachi was part of Visa’s ongoing mission to promote seamless payments and protect the digital payments infrastructure within the country while ensuring issuers and acquirers are well-informed about risks and well-equipped to protect themselves from attacks.
Umar S. Khan, Country Manager for Pakistan & Afghanistan, Visa, commented: “Empowerment is vital in combatting fraud. The journey to a secure digital future needs a collective push involving consumers, businesses, and governments. Visa has prioritized securing the digital landscape through advanced technology for more than 60 years and in just the past five years, have invested more than $10 billion[1] globally in technology, including measures designed to reduce fraud and enhance network security. By combining our strengths, connections and capabilities in awareness, education, and technology, we can all stay secure.”
“Visa’s Fraud Prevention and Risk Management Summit highlights that we are at a pivotal point where technology plays a larger role in managing our finances. The best practices on card and digital payment security that were discussed gave valuable insights to attendees. Our infrastructure capabilities and AI enabled tools ensure our clients and partners are well equipped with relevant resources and knowledge. According to recent reports, the national adoption of payments by 2025 can boost GDP by 7%[2] and Visa aims to support this effort in Pakistan through our education and outreach programs,” Khan added.
The event was designed as a comprehensive workshop attended by 60 participants from Lahore, Karachi, and Islamabad. The attendees were provided with insights into up-to-date best practices regarding card and digital payment security to boost their digitization initiatives. Faten Wehbi, Visa’s Head of Risk for North Africa, Levant, and Pakistan, led the workshop on risk, discussing consumer fraud, payment acceptance risks, and third-party risk management.
The training provided an extensive overview of fraud, including the various channels through which it can occur. It also addressed the latest threats in the payment landscape, emphasizing the need for constant vigilance and updated security measures. Key areas of focus included best practices for issuer and acquirer risk management and highlighting strategies for proactive fraud detection and prevention. The day-long event explored tools available within payment ecosystems that can be employed to manage and combat fraud efficiently.
Visa is also committed to providing secure payments experiences through numerous initiatives, including their annual flagship Visa CEMEA Security Summit, its regional Stay Secure campaign aimed at driving consumer awareness around safe payment practices and implementing technologies like Visa Advanced Authorization, Visa Secure and tokenization to reduce cyberthreats while enabling frictionless and safe transactions.
[1] https://investor.visa.com/news/news-details/2024/Visas-Growing-Services-Business-Infused-with-New-AI-Powered-Products/
[2] Pakistan’s National Payment System Strategy indicates that the national adoption of payments by 2025 in Pakistan can boost GDP by 7%, enhance financial stability and contribute to economic growth. https://www.sbp.org.pk/PS/PDF/NPSS.pdf
