Visa hosts Sub-Regional Risk Executive Council in Dubai
First time a Visa sub-regional risk executive council has taken place with key Middle East North Africa (MENA) banking risk executives and law enforcement officials
· Group to meet with Visa to share latest information and trends in payment system risks, fraud and security
· Ellen Richey, Visa’s Chief Enterprise Risk Officer, to provide keynote speech on Visa’s global payment system risk strategy and the view ahead
Dubai, March 10, 2013: Visa Inc. will be hosting the region’s first sub-regional Risk Executive Council [REC] meeting for the Middle East and North Africa in Dubai this week. The two-day meeting on Monday and Tuesday involves senior management from risk and business functions at Visa and its clients from across the region, including law enforcement officials and government regulators.
The Visa sub-regional REC meeting provides payment risk professionals a forum to discuss and exchange ideas on payment system risks, fraud and security. Participants will be provided the latest information on risk trends and issues along with an update from Visa on the company’s security initiatives that are helping to minimize fraud in the payment system, including data security compliance programs and Visa Risk Management tools.
Ellen Richey, Chief Enterprise Risk Officer at Visa Inc., will provide the keynote speech and give an update on the latest global fraud trends and Visa’s global payment system risk strategy. Joining her is Tolan Steele, Head of Risk at Asia Pacific, Central Europe, Middle East and Africa for Visa.
“The sub-regional REC meeting is one of the many ways Visa is working with our partners to address the ongoing issue of security and fraud. It is an ongoing issue here and across the world and we need to work together as an industry to improve data security and to minimize fraud. Visa leads the industry in developing solutions to issues around fraud and security and our multi-layer approach to security means we can help clients them identify and address their own vulnerabilities,” said Ellen Richey, Chief Enterprise Officer at Visa Inc.
“Visa’s efforts have kept global fraud rates near historic lows, enabling account holders to use Visa with confidence. In fact, with technological innovations and advances in risk management, fraud rates have declined by more than two-thirds in the past two decades – to less than six cents for every $100. By hosting events like the sub-regional REC meetings for the MENA region is a step in the right direction for us,” Ms. Richey added.
Senior Visa Middle East executives believe that improving levels of data security in MENA will ensure a more secure payments ecosystem, and will build consumer confidence of a cashless economy.
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world’s most advanced processing networks —VisaNet — that is capable of handling more than 24,000 transactions a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank, and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: Pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com.