FSS (Financial Software and Systems) 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.
With increasing adoption, fraud attack vectors have grown in sophistication, and costs are on the rise, amounting 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 ...
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