PNB implements OTP to strengthen security for online banking

(From left) Mau San Andres, AsiaPay Associate Director; Christian Eugene Quiros, PNB Vice President for Credit Card Group; Annie Umali, PNB Credit Card Business Head; Bernie Tocmo, PNB Executive Vice President and Head of Retail Banking Group; Joseph Chan, AsiaPay President and CEO and Vincent Jan Santiago, AsiaPay Regional Solution Manager.

In a major leap forward to reinforce security for online credit card transactions, the Philippine National Bank is now implementing OTP authentication for all PNB MasterCard and Visa cardholders.

For the uninitiated, 3D is a security protocol developed by the card schemes Visa and MasterCard with the primary objective of preventing unauthorized use of credit cards. 3D secure works by adding an extra authentication layer during the checkout process to verify the identity of the cardholder.

To enroll in the OTP program, all PNB credit cardholders will be required to update their profiles and register their mobile numbers. Once enrolled, cardholders will now be able to receive a One-Time Password.

“Existing risk management solutions are now fast becoming obsolete as fraud evolves every day,” said Bernie Tocmo, PNB’s Executive Vice President and Head for Retail Banking Group. “To nullify this ever-growing threat, PNB continues to utilize stronger authentication systems and fraud prevention practices, ensuring that we provide the maximum level of security to our valued clients without compromising their shopping experience,” he added.

With the solution in place, PNB cardholders will be prompted to enter a One-Time Password (OTP) which they will receive via SMS before completing the transaction. As the name implies, the password changes per transaction and expires in a few minutes after a request is made. Furthermore, only the cardholder’s registered mobile number can receive the OTP. This ensures that all transactions can solely be made by the genuine card owner.

Deploying the OTP solution was made possible through the services of AsiaPay, one of the leading payment service providers in the Asia Pacific region. “It is a privilege to have been able to work with the Philippine National Bank on this project,” said Mr. Mau San Andres, AsiaPay’s Associate Director for Sales and Marketing. ”Rest assured, PNB cardholders are safe against online fraud,” he added. ADVT.