VISA, I2R To Enhance Security Of Ecommerce Payments

VISA and Singapore’s Institute for Infocomm Research will develop a system that will use advanced transactional data analysis and digital forensics to provide an extra layer of security for online transactions.

AsianScientist (Sep. 14, 2011) – At a signing ceremony today, VISA Worldwide Pte. Ltd. and the Institute for Infocomm Research (I²R) announced an R&D agreement to develop a system to enhance the security of online transactions.

The purpose of the new system is to provide early warnings of the activities of potentially fraudulent e-commerce merchants collect evidence for law enforcement investigations.

Under the R&D agreement, I²R, a research institute of the Agency for Science, Technology and Research (A*STAR), will work with VISA to develop a number of software modules that promise to have operational potential for VISA’s risk management and brand protection operations.

“In recent years, eCommerce has increased exponentially and with it the security challenges,” said Professor Lye Kin Mun, Executive Director of I²R.

“This joint collaboration between VISA and I2R will enhance existing payment system security infrastructure with additional preventive measures and reactive procedures. Cardholders will be able to enjoy a greater peace of mind when using their payment cards online.”

Work on the development of system will commence immediately. It will be rolled out in stages and is expected to be fully operational by the end of 2012.

As part of the partnership, VISA and I2R will also work together to identify further opportunities to develop newer technologies required to meet the security, compliance, and brand management challenges presented by today’s evolving payment landscape.

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Source: A*STAR.
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