FSS (Financial Software and Systems), one of the world’s leading providers of integrated payment products and a payment processor has partnered with Equicom Savings Bank (EqB) – one of the Philippines’ leading banks to fight fraud online and stimulate the growth of e-commerce.
As part of this partnership, FSS will provide Secure3D, a smart payment authentication solution, to create a more secure and transparent way for consumers to transact in the digital economy. The Philippines is one of the fastest growing e-commerce markets in Southeast Asia, with transactions expected to grow from US $ 4 billion in 2020 to US $ 15 billion in 2025.
With increasing adoption, fraudulent attack vectors have become increasingly sophisticated and costs are increasing, accounting for 2.03% of overall annual revenue. FSS Secure3D, modeled on EMVCo 3.2 guidelines, will help Equicom verify customer identity and report fraudulent transactions before a payment transaction is authorized.
Speaking on the collaboration, EqB Vice President and Head of Consumer and Small Business Lending Division Roussel E. Larger noted; “Fraud is an ever-evolving problem, so we need to make sure our prevention technology evolves even better to maximize protection. Our partnership with FSS allows us to leverage their experience and technology to mitigate fraud threats and create the low friction, trust experiences customers have come to expect, providing both protection and opportunities to increase. sales and income.
For his part, Krishnan Srinivasan, COO of FSS PayTech, said, “The payments market is fiercely competitive, so it is of paramount importance for financial institutions to put in place smart anti-fraud measures in order to reduce the costs of fraud. Our globally proven Secure3D provides a solid technological foundation to stay ahead of fraud and aligns with core operational and risk strategies, enabling Equicom to detect fraud without compromising client experience.
Modeled on EMVCo 3DS 3.2 guidelines, FSS Secure3D leverages rich data streams exchanged between merchants and issuers to continuously learn customer transactional DNA and assess risk based on a combination of customer-related attributes. location, merchant, transaction, and device.
This technology allows high-risk transactions to be systematically isolated while reducing the need to interrupt the consumer’s purchase. For high-risk transactions, FSS Secure3D dynamically provides additional verification checks such as biometric identification or a one-time access code. FSS offers authentication as a service on FSSNeT, where FSS takes responsibility for implementation, integration, certification, testing and technical operations. This practice alleviates the costs as well as the burden of regulatory compliance. Tested to process 8,000 transactions per second, FSS Secure3D ensures faster processing time and higher sales conversion. FSS Secure3D is certified by EMVCo and key card systems like Visa, MasterCard and Amex.