Visa has unveiled an updated security roadmap for Singapore’s payments sector as it responds to a shift towards authorised payment scams, where fraudsters use AI and social engineering to manipulate consumer behaviour.
Named the Singapore Security Roadmap 2026 and Beyond, the framework outlines six strategic priorities across the payments value chain.
These include anticipating emerging cyber threats, expanding tokenisation to protect sensitive payment credentials, and modernising e-commerce checkout processes.
Visa is also advancing authentication technologies such as passkeys and biometric authentication to secure digital experiences.
The strategy comes alongside the network’s recent rollout of global security tools, including an enhanced real-time fraud detection service for account-to-account transfers and a threat intelligence platform aimed at identifying early-stage cyber risks.
Globally, Visa deploys more than 150 AI and machine learning models to identify suspicious transactions and protect digital payments.
According to a study commissioned by Visa, nearly 70% of Singapore residents trust digital payments, while 42% have encountered scams. The data also showed that 8% of residents have lost money to scams.
“Trust underpins every digital payment experience and maintaining the confidence for consumers and businesses is critical as Singapore’s digital economy continues to grow,”
said Adeline Kim, Group Country Manager for Regional Southeast Asia and Senior Vice President of Global Clients for Asia Pacific at Visa.
Kim added that Visa is investing in technology and intelligence to stay ahead of risks as the threat environment evolves.
Visa plans to continue working with regulators, financial institutions, merchants, fintechs and other industry partners to strengthen cyber resilience, improve fraud intelligence sharing and accelerate the adoption of secure payment technologies.
Featured image credit: Edited by Fintech News Singapore, based on image by rafiahmedrihan via Magnific
