How BDO is combating debit card fraud
MANILA, Philippines – BDO Unibank Inc. has tapped a new software solution to detect, prevent and significantly reduce fraud on debit cards.
The bank said it will use FICO's Falcon Fraud Manager, one of the world's leading analytics and decision management software firms, to analyze cardholder account transactions against fraud profiles on a real-time basis.
BDO senior vice president and head for transaction banking Emmanuel Narciso said the new software will boost not only security of clients who use debit cards for purchase and payment transactions but also the use of online payments.
"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," he said.
FICO's studies showed that there is a growing number of payment card fraud over the last two years in the Philippines, coinciding with the rapid growth of card adoption and usage.
Banks are therefore more cautious about growing card portfolios too quickly without effective fraud controls in place.
In 2013, banks lost as much as P220 million to ATM fraud.
"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 FICO president for Asia Pacific Dan McConaghy.
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).
Clients can also view balance information, transfer money, pay bills and buy prepaid mobile reloads anytime, anywhere using BDO's electronic channels.