Mali Takes Measures Against Credit Card Fraud as Economy Grows

Mali’s economy has been experiencing steady growth, attracting more tourists and foreign investors. However, this surge in activity has also brought with it a rise in fraudulent activities.

Combating Credit Card Fraud

To combat the increasing threat of credit card fraud, financial institutions and merchants in Mali are taking steps to implement robust security measures. This includes:

• Verifying the cardholder’s identity when accepting cards in person
• Checking for any discrepancies in the transaction, including:
  • Expiration date
  • Signature
  • Card verification value (CVV)
• Using secure and validated payment applications to process transactions

Secure Online Transactions

When accepting card transactions remotely or online, extra precautions are necessary. Merchants cannot visually inspect the card, making it crucial to rely on other security elements such as:

• Address verification service (AVS)
• Card verification value 2 (CVV2)

Visa’s Fraud Prevention Tools

Visa’s fraud prevention tools, such as Visa Secure and CyberSource, are being implemented by financial institutions and merchants in Mali. These tools include:

• Visa Secure: requires the cardholder to enter a password to verify their identity, which is then confirmed in real-time by the card issuer
• CyberSource: provides services for processing online payments, streamlining fraud management, and simplifying payment security

Trust Your Instincts

Merchants are also advised to trust their instincts if a sale seems too good to be true. A little extra effort in verifying transactions can go a long way in preventing fraud.

Public Education

The public is being educated on how to recognize and report fraudulent activities. By working together, Mali aims to create a secure and trustworthy payment environment that benefits both consumers and businesses.

Conclusion

Mali’s financial institutions are working closely with Visa to provide resources and guidance to help merchants prevent fraud and protect their businesses. By implementing robust security measures and educating the public on how to recognize and report fraudulent activities, Mali can create a secure and trustworthy payment environment that supports its growing economy.