New Zealand To Adopt New Ecommerce Security Requirement To Counter Cybercrime
Press Release – Visa
AUCKLAND, August 22, 2022 Today, Visa, a world leader in digital payments, announced a new ecommerce security requirement to help businesses fight a rising form of cybercrime as part of its new Security Roadmap for New Zealand. With more than half (58%) of …
AUCKLAND, August 22, 2022 –Today, Visa, a world leader in digital payments, announced a new ecommerce security requirement to help businesses fight a rising form of cybercrime as part of its new Security Roadmap for New Zealand.
With more than half (58%) of retail businesses across the country now selling online, merchants are facing a growing threat of enumeration attacks , a criminal practice where fraudsters use automation to test and guess payment credentials such as Primary Account Number (PAN), card verification value (CVV2) and expiration dates, which can then be used in fraudulent transactions. It is the increasing use of botnets – which are networks of hijacked computer devices – that are being used to carry out and scale these attacks.
To help businesses counter the threat, Visa has introduced a requirement for ecommerce payment providers to invest in capabilities that identify and prevent enumeration attacks. By October 2023, providers must ensure they have advanced controls in place. These tools can range from scanning features that look for anomalies in shopping cart data; account blocking after a certain number of login attempts; restricting the number of transactions that can be processed by the merchant from a single card per minute; and CAPTCHAs, which are tasks that are designed to be easy for humans and difficult for bots.
“ New Zealand is among the first countries globally in which we are rolling out this ecommerce security requirement,” said Joe Cunningham, Visa’s Head of Risk for Asia Pacific. “Protecting businesses from harmful cyber-attacks is vital […]
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