Visa: PH credit card fraud cases at record low

Visa said its introduction of technology in 2016 helped in bringing down the cases of credit card fraud in the country.

File photo: Visa logo

Credit card cases in PH decline

According to a report by GMA News Online, global payments technology company Visa said incidents of credit card fraud in the country have declined.

In the Philippines… card fraud is at a record low… and consistently coming down, Visa head of risk for Southeast Asia Louis Smith said.

The company associated this decline with the introduction of the "tokenization" technology in 2016. This converts cardholders’ sensitive data into a token to make payments more secure.

Tokenization plays a big factor in securing transactions, Smith noted. In the last two to three years… fraud numbers [have been] really, really low and well-controlled.

Smith explained that tokenization devalues a cardholder’s data, like the 16-digit credit card number.

This converts data into a single-use token that substitutes the data in a real transaction. This makes the token useless for hackers.

Globally, tokenization has also helped reduce fraud cases by 28 percent, and a 3 percent uptick in the number of transactions getting approved.

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Via: GMA News Online