Hector Rodriguez, Regional Risk Officer, CEMEA, Visa

Visa: Prioritizing Payment Safety

When it comes to the future of e-commerce in Jordan, Visa’s regional risk officer believes growth and security must go hand in hand.

By Dina Al Wakeel

Visa organized a forum on risk management in Amman last month to examine trends around online payment systems and security.

Hector Rodriguez, Visa’s risk officer for the CEMEA region, said the event aimed to ensure cardholders remain protected at all times and that the right conditions are in place to boost customer experience and e-commerce in Jordan and the wider region.

Security has been an important factor hindering many from making online payments. How is Visa trying to develop the right tools to make people feel safer?

One stakeholder can’t do it by themselves. We don’t have one single tool, we use a multilayer protection in regards to fraud prevention, protection and devaluation of data. So we have developed tools that are specifically used in the e-commerce channel, such as Verified by Visa. We also have capabilities like Visa Consumer Authentication Service that enables issuers to authenticate the cardholder when they are making transactions online. At the end of the day if the cardholder doesn’t feel that they can actually use their cards and be able to transact online then nobody wins. So my job everyday is to make sure that you as a cardholder can actually transact anywhere safely.

How safe is online shopping today?

Our overall fraud rate globally and within Jordan specifically continues to be very low. Jordan has actually one of the lowest fraud rates in the world. And so we have the right tools to be able to engage our cardholder, and engage our merchants to make sure that they can identify fraudulent transactions and minimize that impact on the cardholder.

Jordan is still very much a cash economy, with relatively few people banked. How can you encourage people to make the digital switch?

The forum was specifically held to discuss with banks the opportunities to continue to increase the usage of credit cards in e-commerce, and what are the tools and capabilities that they should be aware of. We have wonderful cases around the world that we share with the banks here to make sure that if they’re going to venture in and be more willing to accept these transactions that they have the right tools and processes. One key element is consumer protection so something that we’re talking about around the region and around the world is how can consumers feel that they are protected and that at the end of the day know that if they buy something online, if it’s a fraudulent transaction, that they have protection and that they won’t be responsible for that fraud. That is something that we are working on with the banks here.

How do you see e-commerce developing in the region?

We need to make sure that the banks have the right appetite and the right tools to make sure cardholders feel safe and secure when shopping online. At the end of the day, if the cardholder doesn’t feel secure then they’re not going to be transacting, so we need to make sure while working with all the stakeholders that there is that trust in that payment system.