BSP recognised with top security award

BANK South Pacific (BSP) was awarded the 2019 Australasia Champion Security Award by Visa Asia-Pacific last month.
The prestigious award recognised BSP for excellence in payment system risk management and supporting Visa’s efforts to maintain trust and security in the payments industry in the Asia-Pacific region.
“We extend our congratulations to BSP for an outstanding performance in security efforts,” Visa’s South Pacific head Andy McCowan said.
“The Visa Champion Security Award is presented to our financial institution partners who have demonstrated the highest standards of payment security excellence, in line with international best practices.
McCowan said BSP was the first bank from the South Pacific to win the award and joined a stellar group of financial institutions in the region that had each made a significant contribution to the security and reliability of electronic payments.
He said BSP had made notable investments into implementing chip technology for cards and terminals.
“Around the world, chip technology is proven to substantially reduce fraud at the point-of-sale. With BSP’s initiative, cardholders and merchants can look forward to transactions that are fast, secure and convenient.”
BSP Group chief operating officer Robert Loggia commended the members of the BSP teams involved in the chip implementation project and fraud monitoring.
“The Champion Security Award by Visa is a testament of our commitment to creating a secure and seamless payment experience for our customers. I take this opportunity to recognise and thank the efforts of our teams and business partners for the wonderful recognition and trust toward BSP,” he said.
“As a leading bank in the South Pacific, we believe that secure transactions and frictionless payments, gives the best payment experience and trust from our customers and users,” Loggia said.
“The bank has demonstrated great improvement in terms of gross fraud basis points over the past year largely as a result of investment in chip technology for our cards, ATMs and Eftpos terminals.”