By Emma Elebeke

As part of measures to build strong security and risk management practices in Financial Institutions, payments technology company, Visa Inc. on Monday inaugurated a new award for financial institutions that recognizes shares and promotes best practices in risk.

The programme aims to advance the risk management standards across all financial institutions by honoring those that have successfully implemented a secure and reliable infrastructure that counters fraud across all channels.

Head of Risk, Visa sub-Saharan Africa., Bryce Thorrold, said “Societies are increasingly moving from cash to electronic payments because they offer greater security, reliability and convenience than cash. As the payment ecosystem evolves and payments become smarter and better, fraud attacks are increasing in sophistication.”

“Visa recognizes that combating fraud is not an individual effort, but one that requires collaboration within the whole industry. Financial institutions have been advancing their risk management infrastructure by enhancing their technology, protocols and tools to effectively mitigate emerging threats and trends.

Visa clients across APCEMEA have been proactively countering fraud across all channels, and we want to applaud and recognize those that have stood out in their risk management measures, strategies and success rates. We hope this award will encourage others to emulate their success in advancing the security of the industry.”