Equicom Savings Bank Selects FSS Secure3D For Online Fraud Detection
India, October 13: FSS (Financial Software and Systems), a leading global provider of integrated payment produ cts and a payments processor has partnered with Equicom Savings Bank (EqB) – one of the leading banks in the Philippines to address online fraud and to boost e-commerce growth.
Under this partnership, FSS will provide its Secure3D, an intelligent payment authentication solution, to create a safer and seamless 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 projected to grow from US$ 4 Billion in 2020 to US$ 15 Billion in 2025[i].
With increasing adoption, fraud attack vectors have grown in sophistication, and costs are on the rise, am ou nting 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 authorized.
Speaking on the collaboration EqB Vice President and Head for Consumer & Small Business Lending Division Roussel E. Larger, noted; “Fraud is an ever-evolving problem, so we need to ensure that our prevention tech no logy is evolving even better to maximize protection. Our partnership with FSS enables us to leverage its experi ence and technology to mitigate fraud threats and create low-friction trusted experiences that customers expect, providing both protection and opportunities to increase sales and revenue.”
For his part, FSS PayTech COO Krishnan Srinivasan said; “The payments market is fiercely competitive, so it is of paramount importance for financial institutions to layer intelligent counter-fraud measures to lower fraud costs. Our globally proven Sec ur e3D delivers a solid technology foundation to keep ahead of fraud and aligns with core operational and risk strategies, enabling Equ icom balance fraud detection without compromising the customer experience.”
Modelled on EMVCo 3DS 3.2 guidelines, FSS Secure3D exploits rich data streams exchanged between merch ants 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 con sumer’s purchase. As for higher-risk transactions, FSS Secure3D dynamically provides additional verification ch ecks 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.
About FSS
Financial Software and Systems (FSS) is a leader in payments technology and transaction processing. The comp any offers an integrated portfolio of software products, hosted payment services, and software solutions built over 30+ years of experience. FSS, end-to-end payments products suite, powers retail delivery channels includi ng ATM, POS, Internet, and Mobile and critical back-end functions including cards management, reconciliation, settlement, merchant management, and device monitoring. Headquartered in Chennai, India, FSS services leadi ng global banks, financial institutions, processors, central regulators, and governments across North America, UK, Europe, ME, Africa, and APAC and has 2,500 experts on board. For more information, visit www.fsstech.com.
About Equicom
Equicom Savings Bank (EqB) is a medium-sized savings bank established on September 29, 2008. It is a member of the Equicom Group and was among the country’s top 20 thrift banks (in a group of 51 small, medium, and large thrift banks) in terms of total assets, total deposits, total loan portfolio volume, and return on equity. Moreover, its cardholders have access to over 20,000 BancNet ATMs nationwide and around one (1) million Visa Plus ATMs worldwide. The Bank’s corporate vision is to be the preferred savings bank of small and medium-sized enter pri ses (SMEs) and consumers. EQB is the first bank to receive the Pagtugon Award bestowed by the Bangko Sentral ng Pilipinas (BSP) in 2012.
