Shinhan Card named by Visa as security champion in Asia-Pacific

[Photo by Shinhan Card Co.]

South Korea’s leading credit card issuer Shinhan Card Co. won a Champion Security award at the Asia Pacific Visa Security Summit 2019 hosted by Visa Inc. last week in Shanghai, China.

Out of 2,800 financial partners, seven were awarded the trophy from Visa. Shinahan Card was the Korean partner to win the recognition for security reliability, the company said Tuesday.

The Asia Pacific Visa Security Summit is Visa’s largest payment security event held every year to explore developments in the cybersecurity landscape and significant achievements to Visa’s “payment fraud disruption” capabilities.

At this year’s summit, Visa praised Shinhan Card’s technological edge reflected to the stable operation of fraud detection system, the company added.

Shinhan Card applied machine learning algorithm and artificial intelligence technology to its fraud detection system for the first time in Korea that makes it possible to automatically detect abnormal and suspicious data to prevent any financial fraud around the clock.

The issuer promised further efforts to strengthen its payment security for customers, merchants and partner companies after the winning.

Shinhan Card has been offering various services to become a lifestyle platform beyond a credit card issuer. As part of that, it launched the real estate asset management service for lenders and owners and the pet insurance service recently.

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