FSS partners with Equicom Savings Bank to address online fraud and to boost e-com biz

Leading integrated payment products provider FSS (Financial Software and Systems) on Wednesday said it has partnered with Philippines-based bank Equicom Savings Bank (EqB) to address online fraud and to boost e-commerce growth.

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FSS would provide its intelligent payment authentication solution Secure3D to create a safer and seamless way for consumers to transact in the digital economy. Philippines is one of the fastest-growing e-commerce markets in

Southeast Asia, with transactions projected to touch USD 15 billion in 2025 from USD 4billion.

The FSS Secure3D modelled on EMVCo 3.2 guidelines would help Equicom verify customer identity and flag fraudulent transactions before a payment transaction has been authorised.

"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", FSS PayTech COO Krishnan Srinivasan said.

"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", he said.

Commenting on the partnership with FSS, EqB Vice President and Head for consumer and small business lending division, Roussel E Larger said, "our parntership with FSS enables us to leverage its experience and technology to mitigate fraud threats and create low friction trusted experiences that customers expect."

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, the statement added.