(Seated from left) Vincent Jan Santiago, AsiaPay Regional Solution Manager; Mau San Andres, AsiaPay Senior Manager; Joven Hernandez, PNB Savings Bank President; and Annie Umali, PNB Credit Card Business Head; (Standing from left) Julius Portugal, AsiaPay Sales & Marketing Manager; Christian San Pedro, AsiaPay Senior Analyst Programmer; Jerome Digueno, AsiaPay Sales and Marketing Officer; and Christian Eugene Quiros, PNB Vice President for Credit Card Group
The growth of e-commerce in the Philippines has changed many aspects of our lives, from the way we make purchases to how we track our finances. However, as more Filipinos start to embed online shopping into their lifestyles, the volume and frequency of fraudulent transactions will unfortunately and inevitably rise.
Banks and issuing institutions now face various threats such as data security breaches, sophisticated phishing, and advanced key logging which put cardholder security at the front and center as one of the major concerns that banks need to address in this digital age.
“Most of today’s cardholders are well aware of the risks involved in e-commerce transactions. They expect their banks to provide them with the right tools that will ensure security while managing the movement of their money online,” said Mau San Andres, Senior Manager of Sales and Marketing at AsiaPay Philippines.
In order to solidify consumer confidence in using credit cards for online transactions, the Philippine National Bank (PNB) is tapping AsiaPay, a leading payment service provider in the Asia-Pacific region, for their 3D-Secure Access Control Server (ACS) solution. This will provide PNB cardholders with a strong, user-friendly, and dynamic authentication system that will mitigate fraud and protect both cardholders and banks from any liability.
AsiaPay’s ACS solution is an online security protocol that allows issuing banks to participate in a 3D-Secure program. It adds an additional authentication layer during e-commerce transactions. Cardholders will use either a static or dynamic password to verify their identity whenever they shop online. This further secures cardholders who shop on merchant websites that are subscribed to 3D-Secure schemes such as MasterCard® SecureCode and Verified By Visa.
“We are very pleased that the Philippine National Bank has chosen AsiaPay for this project. The implementation of 3D-Secure ACS will certainly aid in keeping PNB’s customer payment data secure without compromising the shopping experience at checkout,” said Joseph Chan, CEO of AsiaPay Group. ”Rest assured, we will deliver a robust and safe payment experience to thousands of PNB cardholders worldwide,” he added.
“Strengthening our cardholder authentication is the key in building consumer trust in the digital economy,” said Norman Martin Reyes, PNB Chief Marketing Officer. “With 3D-Secure ACS enabled, PNB cardholders will be able to enjoy a safer online shopping and payment experience online,” he added.
As PNB celebrates 100 years of dedicated service, the Bank continuously seeks to cater to the diverse banking needs of our customers worldwide—because at PNB, You First. ADVT