OREANDA-NEWS. Visa recognized Raiffeisen Bank Aval's commitment to fraud prevention in Ukraine with a Visa LEADER award. The award was presented in Kyiv following the Visa AP & CEMEA 2014 Security Summit. Raiffeisen Bank Aval was one of 10 financial institutions to be selected from across Asia Pacific, Central Europe, Middle East and Africa.

Visa clients from both issuing and acquiring were considered and judged on a number of quantitative and qualitative metrics including risk initiatives, innovations and fraud investigation.

Raiffeisen Bank Aval efforts directed at efficient risk management and high standards of Visa card-holders servicing were recognized by Visa experts.

Raiffeisen Bank Aval was one of the flagmen in launching the dynamic Verified by Visa (VbV) solution and is the leading client in issuing Visa chip cards in Ukraine. In 2013 the bank launched Visa Pay Wave cards, and has become one of the top Visa payWave issuer in the country.

Raiffeisen Group owns one of the largest card processors in Ukraine - Ukrainian Processing Centre, which conducts and validates its PCI DSS compliance on an annual basis

"I would like to congratulate Raiffeisen Bank Aval for being awarded a Visa LEADER for their commitment to fraud prevention to keep payments safe for consumers. Raiffeisen Bank Aval is clearly leading the way for the advancement of risk management practices in the region," said Katarzyna Sosin, General Manager, CIS&SEE region, Visa Inc.

Raiffeisen Bank Aval's and other industry partner efforts have contributed to keeping the global fraud rate at historic low, to less than 6 cents for every USD 100, despite a huge increase in electronic payments around the world.

"We have great appreciation for the VISA LEADER AWARD 2014 received as recognition for our efforts in expanding card based payments in a safe, secure environment. In Raiffeisen Bank Aval we choose to differentiate our products and services by expanding our EMV and contactless card base, so we make sure our customers receive convenience and usability for their cards while increasing also their protection against fraud," - said Robert Kossmann, Board Member, Raiffeisen Bank Aval.

The Visa 2014 AP & CEMEA Security Summit brings together security experts from financial institutions, industry service providers, regulatory bodies and law enforcement agencies from across the world to explore the latest security trends in the payments ecosystem, and how we can work together to drive sustainable growth for the future.