OFBank boosts efforts against fraud
THE Overseas Filipino Bank (OFBank) is stepping up efforts to protect its clients from fraud.
This, as OFBank has introduced its digital card verification value (CVV), a feature that beefs up the security of cashless payments and other transactions done via the OFBank mobile banking app.
Normally present in physical debit and credit cards, a digital CVV is a bank’s specific algorithm that provides the account number, expiration date, data encryption standard (DES) keys and a three-number service code.
“This feature further enhances safety and security measures adopted by the bank to neutralize increasing online fraud and other emerging cyber threats amid the continuing consumer shift to online financial transactions,” OFBank said in a statement.
The bank said the newest feature has been designed to give account holders more peace of mind ahead of increased online shopping during the Christmas holiday rush.
“OFBank is committed to maintaining the data security of our clients, given the growing customer preference for online transactions. Aside from providing convenient access to their accounts anytime and anywhere, we want to ensure through the digital CVV that our clients’ accounts are further protected from online fraud and theft,” said Leila Martin OFBank president and chief executive officer.
Primarily designed to protect cardholders from digital fraud, a CVV is required for online transactions as it guarantees that the person making the purchase is the actual cardholder. The CVV is usually printed on the back of the physical debit card and should only be known by the cardholder.
Operating on the same principle, OFBank displays the CVV and the card expiry date via the mobile banking app, enabling e-commerce transactions without the need for physical cards. This will likewise provide a simple and convenient process for its clients, the bank noted.
OFBank is a fully owned subsidiary of the Land Bank of the Philippines. Through its digital account opening platform, Filipinos, including those abroad, can easily open an OFBank account by securely and conveniently submitting all requirements online. An OFBank account is opened in real-time at the convenience of using supported Android and iPhone devices.
The bank offers retail internet banking, remittance services, loans, alternative payment channels and investment tools for both overseas Filipinos and their beneficiaries back home.
OFBank is the first branchless, digital-only bank licensed by the Bangko Sentral ng Pilipinas.
Source: OFBank boosts efforts against fraud | The Manila Times