Equicom Savings Bank (EqB), a leading bank in the Philippines, has selected FSS (Financial Software and Systems) to address online fraud and to boost e-commerce growth.
FSS said it will provide its Secure3D, an intelligent payment authentication solution, for consumers of EqB to transact in the digital economy.
E-commerce transactions in the Philippines are projected to grow from $4 billion in 2020 to $15 billion in 2025.
Fraud attack vectors have grown in sophistication, and costs are on the rise, amounting to 2.03 percent 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 authorized.
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.
FSS Secure3D dynamically provides additional verification checks such as biometric-based identification or a one-time passcode for higher-risk transactions. FSS offers Authentication As-a-Service on FSSNeT, where FSS assumes responsibility for implementation, integration, certification, testing, and technical operations.
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.