The Central Bank of Nigeria recently issued guidelines for contactless payments, making it the first time that contactless solutions will be implemented in the country. This guidance is to ensure that contactless payment participants implement appropriate risk management processes and adhere to industry best practices. Contactless payments are already available in places like South Africa, Canada, Australia, and the UK. In addition to being a simple and fast payment method, contactless cards offer better protection against fraud without affecting the cost of payment. Here are some facts about contactless security. Contactless cards use the same secure technology as the EMV chip Every contactless transaction includes an encryption code that prevents counterfeiting. EMV Chip technology ensures encryption, strength, and security for payments, making it difficult for hackers to steal money and data. Fraudsters have limited options.
Visa contactless cards must be within 4 cm of the contactless value of the customer for the transfer of card information. If fraudsters get close enough to read a contactless card, they won't get the cardholder's name or three-digit security code, helping to prevent counterfeiting in e-commerce. Contactless payments are secured by the same technology as other Visa transactions. Every Visa payment product is protected by security at the card, terminal, and network levels. Visa cardholders benefit from various security measures that work behind the scenes in every transaction to prevent payment fraud before it happens. Security systems, human intelligence, real-time analysis, cryptographic algorithms, and many other layers work together to prevent fraud. The combination of security built into our payment products and the different security behind each transaction is why Visa can keep global fraud rates so high. Visa payment solutions are changing. In cooperation with large companies, including financial institutions, technologists, scientists, and others, Visa is flexible, improving and changing its payment system to identify and manage new risks. Where appropriate, we make changes in technology and equipment to reduce risk. Due to the collaboration of the industry, contactless cards are a safe way of payment, and consumers can use them with confidence.
Contactless payments are protected by the same technologies as other Visa transactions. Every Visa payment product is protected with security at the card, terminal, and network levels. Visa cardholders benefit from multiple layers of security that work behind the scenes with every transaction to prevent payment fraud—even before it can happen. Secure protocols, artificial intelligence, real-time analytics, cryptographic algorithms, and many more layers work together to prevent fraud. The combination of embedded security in our payment products and multi-layered security behind every transaction is why Visa has been able to keep global fraud rates significantly low.
