Visa Canada’s document “The Future of Payment Security in Canada” published in October 2017 has a lot of interesting information. In addition to an overview of the fraud landscape in Canada it outlines the steps they are taking to reduce fraud.
1. Devalue Data
- 100% EMV Chip-Enabled Point-of-Sale (POS)
2. Protect Sensitive Data
- Contactless Magnetic Stripe Data (MSD)
3. Harness Data
- Dynamic Risk-based Authentication (3DS 2.0)
- Expand the Use of CVV2
- Authorization Enhancements
4. Empower Everyone
- Effective 13 October 2018, all Canadian issuers to provide consumer Visa credit, debit and reloadable prepaid cardholders with an option to enroll in transaction alerts.
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