Equicom Savings Bank (EqB), a leading bank in the Philippines, has selected FSS (Financial Software and Systems) to tackle online fraud and drive the growth of e-commerce.
The FSS said it will provide Secure3D, a smart payment authentication solution, to EqB consumers to transact in the digital economy.
E-commerce transactions in the Philippines are expected to grow from $ 4 billion in 2020 to $ 15 billion in 2025.
The vectors of fraudulent attacks have become increasingly sophisticated and costs are increasing, accounting for 2.03% of overall annual revenue. FSS Secure3D, inspired by EMVCo 3.2 guidelines, will help Equicom verify customer identity and report fraudulent transactions before a payment transaction is authorized.
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 attributes related to location, merchant, transaction and the device.
FSS Secure3D dynamically provides additional verification controls such as biometric identification or a one-time passcode for high risk transactions. FSS offers authentication as a service on FSSNeT, where FSS takes responsibility for implementation, integration, certification, testing and technical operations.
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.