Equicom Savings Bank Goes Live with FSS Secure 3D to Combat Card-not-present Fraud
FSS (Financial Software and Systems), a leading global provider of integrated payment products and a payments processor announced that Equicom Savings Bank (EqB) – one of the leading banks in the Philippines has successfully deployed FSS Secure3D, an intelligent payment authentication solution which can identify higher risk transactions, to provide cardholders an added security layer for online payments and reduce fraud risk.
Modelled on EMVCo 3DS2.2 guidelines FSS Secure 3D identifies higher risk transaction before the transaction is authorised and monies leave the cardholder account. The solution will be hosted on FSSNeT, FSS secure private cloud, with FSS assuming a single mantle of responsibility for certification, compliance, evolving interchange mandates and regulation and functional enhancements. An As-a-Service model allows Equicom to minimise fraud risk, alleviate compliance costs and improve efficiencies.
Speaking on the collaboration EqB Vice President and Head for Consumer & Small Business Lending Division Roussel E. Larger, stated, “The eCommerce environment is rapidly growing and is a growing concern. Given its deep payments expertise and growing deployment base, FSS Secure 3D is a proven solution for our needs. We were able go live within a short timeframe and are confident that the solution will help us mitigate fraud risk while lowering false positives and provide a seamless payments experience for customers.”
Speaking on the collaboration CEO FSS Jaishankar A L, stated, “We are delighted that EqB has selected FSS as its partner. Our Authentication-As-a-Service model allows EqB Bank to achieve the necessary agility as well as enhanced functionality and security for its customers. By leaving fraud prevention and regulation compliance up to the experts, Equicom can focus on what it does best.”
FSS Secure3D exploits rich data streams exchanged between merchants and issuers to learn customers’ transactional DNA and risk score transactions based on a combination of location, merchant, transaction, and device-related attributes. This results in a more frictionless payment journey and a faster checkout experience for customers, ultimately resulting in low levels of basket abandonment and increased sales. Higher-risk transactions requiring further inspection will still go through two-factor authentication, or are immediately declined, in accordance with regulation and customer risk appetite.
FSS secures 120 million transactions for 20+ customer globally and protects USD 3 billion in value annually. 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.