At a signing ceremony on 14 September 2011, Visa Worldwide Pte. Limited and the Institute for Infocomm Research (I²R), a research institute of the Agency for Science, Technology and Research (A*STAR), announced a research and development (R&D) agreement to develop a ground-breaking system to enhance the security of online electronic payment. The purpose of the new system is to detect the activities of potentially fraudulent online merchants and collect evidence for law enforcement investigations.
Under the R&D agreement, I²R 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. The security of online payments, to the benefit of cardholders, banks and merchants, is one of Visa’s top priorities and the new system will provide early warnings of the activities of potentially fraudulent e-commerce merchants.
Professor Lye Kin Mun, Executive Director of I²R said: “In recent years, eCommerce has increased exponentially and with it the security challenges. 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.”
Mr Rene Ho, Senior Executive, Visa, added “Visa is pleased to work with I²R to develop and implement this new system. We are confident that our collaboration with I²R will deliver an added layer of security to the benefit of everyone participating in the electronic payment system.”
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 cutting edge technologies required to meet the security, compliance and brand management challenges presented by today’s evolving and innovative payment landscape.
