In line with its commitment to help minimize fraud and protect cardholders, Visa Fraud Control MENA recently hosted a forum to share industry best practices and knowledge on fraud prevention techniques and discuss the company’s innovative security solutions. The one-day forum was held in collaboration with AlexBank at their premises in Cairo with representatives from Egyptian financial institutions, in addition to representatives from Visa.
During the Forum, Visa showcased its latest techniques in risk management including innovations in secure payments technology in addition to the latest fraud combating statistics. The Forum also discussed the role played by the Fraud Forum Committee (FFC), which was formed in 2007 and headed by Dina Yassa, Head of acquiring department in AAIB. FFC’s mandate is to maintain Egypt’s status as a low-risk market for payment card transactions.
“Visa continues to work with financial institutions and other market players to develop industry innovations that help North Africa achieve the lowest incidence of fraud in the wider region through set structures like the FFC. Visa is also continuously following up with financial institutions and supporting them with the latest security solutions,” said Tarek Elhousseiny, Visa General Manager, North and Francophone Africa. “The Visa Fraud Forum is a vehicle for the e industry to benefit from the collaborative effort. Electronic security is the joint responsibility of all of us. Collaborations with banks, regulators, and public-private partnerships are the key to ensuring secure digital transactions.”
This Forum also served as a platform for attendees to learn more about the Committee’s plan to minimize fraud locally. In addition, Visa discussed fraud challenges faced by financial institutions in Egypt and ways to assist in building effective roadmaps to combat fraud.
“Visa is keen to work closely with players in the Egyptian payment industry to enhance security of financial transactions. Our fraud combating techniques consist of multiple levels of security measures; from anti-counterfeit features to network-based fraud detection to data security standards that help keep sensitive information secure,” said Valery Assaf, Visa Regional Fraud Control Manager for Middle East and Africa. “We are committed to leading the industry towards a more secure, trusted payment system through developing the means required to further enhance the efficiency of digital currency processing.”
“At AlexBank, our goal is to provide the most secure and stable environment for our customers,” said Bassel Rahmy, AlexBank Head of Retail Banking Group. “We are constantly working with local and global stakeholders to ensure the bank is using the most robust fraud prevention and data security systems available as well as helping to develop additional measures, which protect our clients and further secure electronic payment systems.”
Visa is constantly working to develop and deploy innovative techniques to minimize fraud; building policies, tools and technologies that will help prevent fraud incidents before they happen. Visa also monitors and manages fraudulent activity to ensure prompt response and minimize impact on stakeholders, including cardholders.