Thai shoppers put trust in card payments when paying online during COVID-19
published : 18 Nov 2020 at 09:30
As we pass the halfway point of 2020, the world today looks very different from when we started the year.
The impact of the COVID-19 pandemic has affected more than our health, as our daily habits have changed, and how we use goods and services has transformed. We do more online than ever before, buying things we’d never imagined buying remotely. And not being present in the store means we have changed the way we pay too.
As more Thai consumers shop and pay with digital payments, KASIKORNBANK and Visa, the global leader in digital payments, have been working closely to pioneer new ways to secure digital payments and eCommerce experiences during and after your payment is made, including:
One-time password (OTP) is most commonly used when you receive a unique password sent by SMS to your phone that you use to authorise your payment.
EMV CHIP is the small chip on your plastic card. Every time you pay this chip generates a dynamic one-time use code. It provides an additional layer of security (dynamic authentication) besides real-time fraud scans.
Visa Advanced Authorisation uses predictive analytics combined with machine learning and artificial intelligence (AI) to analyse more than 500 unique risk attributes and allocates a risk score for each transaction. This score is then shared with KBank Credit Card so we can make an informed decision on whether to approve or decline a transaction.
Visa Tokenization replaces sensitive account information, such as the account number, with a unique digital identifier, helping ensure no sensitive data is transmitted during an online transaction.
Although most sales transactions are processed, posted and paid for with few problems, you may see a charge on your card that is unfamiliar or incorrect. To settle any disputes, KBank Credit Card has a chargeback policy. The purpose is to protect cardholders from fraud and unfair billing practices.
If your wallet gets stolen with cash in it, it can be virtually impossible to replace that money. But with cards, simply contact your card-issuing bank to disable the card.
In witnessing a 100% growth in online payments during COVID-19, KBank Credit Card has invested in a fraud monitoring system which enables us to detect fraudulent online payments and protecting our cardholders as well as keeping the ecosystem safe. Earlier this year, we were awarded the Visa Champion Security Award Southeast Asia 2020.
KASIKORNBANK envisages a less-cash, less friction and less fraud future. We are committed to collaborating with partners and develop and further invest in security standards that deliver a safer, secure and seamless commerce experience.