Global payments technology company, Visa (NYSE:V), and the Central Bank of Jordan have jointly organized a Risk Management Forum in Amman. The event was attended by more than 95 representatives from both the public and private sectors, and focused on the importance of collaboration between Visa and the Central Bank on enhancing the security of Jordan’s rapidly evolving digital payments ecosystem.
The forum aimed at discussing and addressing issues surrounding fraud trends and challenges in the payment landscape across the Middle East, with special emphasis on the use of dynamic authentication in combating fraud and managing data security with Visa’s global authentication strategy.
Hector Rodriguez, Head of Risk, Central and Eastern Europe, Middle East and Africa (CEMEA), Visa, informed delegates about the latest risk management processes and their effectiveness in enabling business growth and public sector performance. Some of the key topics covered included protecting sensitive data, securing e-commerce business, Pay Wave enablement & improving authorization.
Speaking at the conference, Rodriguez commented: “Now, more than ever, maintaining strict, standardized and strong security processes must be a priority for all organizations dealing with digital payments. Risk management is the bedrock for developing effective systems, while collaboration between the public and private enables their successful implementation. The Visa Risk Management Forum offers a platform for healthy discussion in this important space, and we thank our partners at the Central Bank of Jordan for supporting this initiative.”
“As Jordan advances in its adoption of digital payments, risk management becomes increasingly crucial to the journey. Through our work with the Central Bank of Jordan, as well as through feedback from our clients, we have been able to build a strategic roadmap to address many of the key issues relevant to the security of digital payments in Jordan. We look forward to working with our partners to roll this out over the coming months and years” added Rodriguez.
Maha Al Bahou, Executive Manager, Domestic Payments & Banking Operations Department, Central Bank of Jordan noted: “Central bank of Jordan believes that Visa is a strategic partner in bringing secure payment functionality to the Jordanian community. CBJ works closely with all financial institutions and stakeholders to insure our digitization plan empowers consumers to transact seamlessly and securely through different innovative tools like cards and mobile wallets across the kingdom. We are pleased to participate and collaborate with Visa in bringing matter experts into this forum to share views on payment security challenges and opportunities”
Visa’s efforts have kept global fraud rates near historic lows, enabling account holders to use Visa with confidence. Visa has been at the forefront on exchanging ideas on payment system risks, fraud and security and the company is investing heavily in advanced fraud-fighting technologies to develop and deploy new and innovative programs to mitigate fraud and protect cardholders.