Equicom Savings Bank picks FSS vs online fraud

Photo by Roy Billones
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Equicom Savings Bank (EqB), which is operating in the Philippines, has partnered with FSS (Financial Software and Systems) 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.  

With the Philippines being one of the fastest-growing e-commerce markets in Southeast Asia, fraud attack vectors have grown in sophistication, and costs are on the rise. FSS Secure3D will help Equicom verify customer identity and flag fraudulent transactions before a payment transaction is authorized.

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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.

“Our partnership with FSS enables us to leverage its experience 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,” said Roussel E. Larger, EqB VP and head for consumer and small business lending division.

Krishnan Srinivasan, FSS PayTech COO, 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. 

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