Hyundai Card won “Champion Security Award” at the Visa Security Summit on Nov. 3. Visa Security Summit, the global payment service provider’s biggest security event in the Asia Pacific region, gave “Champion Security Award” to six credit card issuers boasting world-class risk management capabilities in information security and crime prevention. Hyundai Card was the only Korean card company to win the award for its distinguished accident-prevention technologies and related efforts.
Hyundai Card was credited with refining Fraud Detection System (FDS) technology for controlling security-related credit card accidents. The company built an artificial intelligence-based FDS and implemented an early detection system against Bank Identification Number (BIN) attacks, in which fraudsters generate random numbers using a valid BIN.
Hyundai Card runs various internal organizations dedicated to dealing with lost credit cards, theft and forgery. The organizations also handle prevention and detection of fraudulent credit card use and various accidents including customer information leakage.
With advanced FDS system in operation around the clock, Hyundai Card has been closely cooperating with external investigative authorities to minimize the occurrence of accidents, and investigate and handle accidents in a smooth manner.
Hyundai Card also won “Risk Management Award” in 2018 from Visa for excellence in managing accidents and FDS technology and “Security Quality Award” in 2017. The company’s lowest rate of accidents and efficient accident-handling capability prompted Visa to name Hyundai Card as one of “Global Top 3” credit card issuers.
“With AI-based FDS technology and early BIN attack detection system, Hyundai Card is fully dedicated to making sure customers feel safe when using credit cards,” said a Hyundai Card spokesperson.
“With the portion of online transactions rising sharply, security has become one of top priorities,” said a VISA spokesperson. “We are delighted to see Hyundai Card acknowledged for its distinguished security technologies and fraud prevention capabilities. We will keep up with the efforts to form a safe payment environment around the world."