Equicom Savings Bank selects FSS Secure3D for online fraud detection

Thursday 14 October 2021 10:32 CET | News

Integrated payment products provider and payments processor FSS (Financial Software and Systems) has partnered with Philippines-based bank Equicom Savings Bank (EqB) to address online fraud and to boost ecommerce growth.

Under this partnership, FSS will provide its Secure3D, an intelligent payment authentication solution, to enable consumers to transact in the digital economy. The Philippines is one of the fastest-growing ecommerce markets in Southeast Asia, with transactions projected to grow from USD 4 billion in 2020 to USD 15 billion in 2025, according to the official press release. 

With increasing adoption, fraud attack vectors have grown in sophistication, and costs are on the rise, amounting to 2.03% of overall annual revenues. FSS Secure3D, modelled on EMVCo 3.2 guidelines, will help Equicom verify customer identity and flag fraudulent transactions before a payment transaction is authorised. Modelled on EMVCo 3DS 3.2 guidelines, FSS Secure3D exploits rich data streams exchanged between merchants and issuers to continually learn customers’ transactional DNA and assess risk based on a combination of location, merchant, transaction, and device-related attributes. 

This technology helps systemically isolate higher-risk transactions while reducing the need to interrupt the consumer’s purchase. As for higher-risk transactions, FSS Secure3D dynamically provides additional verification checks such as biometric-based identification or a one-time passcode. FSS offers Authentication As-a-Service on FSSNeT, where FSS assumes responsibility for implementation, integration, certification, testing, and technical operations. This practice alleviates costs as well as the regulatory compliance burden.  Benchmarked to process 8,000 transactions per second, FSS Secure3D assures faster processing time and higher sales conversion. FSS Secure3D is certified by EMVCo and key card schemes like Visa, MasterCard, and Amex, the official press release concludes.

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Keywords: partnership, ecommerce, banks, online fraud
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: Philippines
This article is part of category

Securing Transactions