FSS (Financial Software and Systems), a provider of integrated payment products and a payments processor has partnered with Equicom Savings Bank (EqB) – one of the 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$ four billion in 2020 to US$ 15 billion in 2025.
With increasing adoption, fraud attack vectors have grown in sophistication and costs are on the rise, amounting to 2.03 per cent 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.
Speaking on the collaboration Roussel E. Larger, Vice President and Head, Consumer & Small Business Lending Division, EqB noted, “Fraud is an ever-evolving problem, so we need to ensure that our prevention technology is evolving even better to maximise protection. 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.”
For his part, Krishnan Srinivasan, COO, FSS PayTech 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 Secure3D delivers a solid technology foundation to keep ahead of fraud and aligns with core operational and risk strategies, enabling Equicom balance fraud detection without compromising the customer experience.”