MANILA, March 11 (PNA) — In an added effort to curb the growing incidence of card compromise and identity theft affecting cardholders here and abroad, BDO has tapped one of the world’s leading analytics and decision management software firms for a technology that can promptly detect, prevent and significantly reduce fraud on debit cards.
In a statement, the Bank said it will put in place FICO’s Falcon Fraud Manager, a software solution that can analyze cardholder account transactions against fraud profiles on a real-time basis.
BDO Senior Vice President and Head for Transaction Banking Emmanuel T. Narciso said the use of Falcon Fraud Manager will raise the level of security of the clients who use their debit cards for purchase and payment transactions. The move will likewise complement the Bank’s growth strategy of pushing online payments among its customer base of more than 13 million.
“We’re aiming for significantly increased purchase usage among our debit cardholders. Our success will depend largely on our ability to assure customers that they can use their cards, both online and in stores, to make purchases in an easy, safe, and secure manner,” said Narciso.
BDO ATM Debit Cards allow clients to withdraw cash through BDO, Expressnet, MegaLink and BancNet ATMs nationwide and through MasterCard/Cirrus and Visa/Plus ATMs worldwide (for MasterCard and VISA ATM Debit Card, and pay without cash for purchases, goods and services at major establishments nationwide and abroad (for MasterCard and VISA ATM Debit Card). In addition, cardholders with accounts at BDO can view balance information, transfer money, pay bills and buy prepaid mobile reloads anytime, anywhere using BDO’s electronic channels.
Card fraud in PHL
Studies conducted by FICO indicate a rise in payment card fraud over the last two years in the Philippines, coinciding with the rapid growth of card adoption and usage. As a result, banks are cautious about growing their card portfolios too quickly without effective fraud controls in place.
“By building its debit card program upon the industry’s most advanced fraud detection solution, BDO is backing its commitment to protect its customers so they can fully enjoy the convenience of their debit cards, just as they do their credit cards,” said Dan McConaghy, president for FICO in Asia Pacific. “This is the key to profitable growth and among the reasons why BDO remains a leader in the Philippines.”
FICO fraud solutions help banks around the world manage their enterprise fraud challenges. FICO(r) Falcon(r) Fraud Manager, the world’s leading card fraud management solution, protects more than 2.5 billion payment cards worldwide. (PNA)