South Korea’s Lotte Card said Wednesday it won the Champion Security Award for its fraud detection system at the 14th Visa Global Security Summit held in Singapore.

The Champion Security Award is awarded to seven financial institutions out of 2,800 Visa member companies in the Asia Pacific region that demonstrate excellent security risk management. The winner is selected for each country or region. Lotte Card has won the award twice, in 2013 and 2016.

Lotte Card has been bolstering its fraud detection system and working closely with Visa to develop a rapid response mechanism to security threats. Last year it further strengthened security of its cardholder data by complying with the Payment Card Industry Data Security Standard (PCI DSS), a set of data security requirements for global credit card brands.

It showcased its latest security technology by displaying a wearable payment device jointly developed with Visa at the PyeongChang Winter Olympics in February.

Lotte Card currently operates an integrated membership service for Lotte Group affiliates in China, Vietnam and Indonesia.

In a move to make further inroads into Southeast Asia, it acquired Techcom Finance, a subsidiary of Vietnam’s fifth-largest bank Techcom Bank, becoming the first Korean credit card company with a license to operate credit card and other related businesses in the country.

By Oh Chan-jong and Kim Hyo-jin

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