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FBC Announces Measures To Protect Mastercard Online Transactions From Fraudsters {Full Statement}

FBC Bank takes a proactive position to protect mastercard holders during online transactions (website based).

FBC Bank continues to transform with global e-commerce products and trends to ensure the provision of superlative service and the customer experience in a secured environment. The bank has over the years invested in robust security systems and continues to do so for the benefit of our customers.

To this end, the bank is both an issuer and acquirer of the international MasterCard. The FBC MasterCard provides convenience to various market segments and is one of the most reliable cards on the market providing card users unmatched convenience during transactions on all enabled channels.

As technology has always had and will continue to have an ever-growing influence on payments, we also note the growing sophistication of fraudsters using and operating the same technology which may subject our valued customers to financial prejudice emanating from hackers and fraudsters.

Fraudsters are always moving with technological advancements, always exploiting means and ways of subverting payment platforms hence the need to also always ensure FBC customers are protected from such.

In the spirit of protecting its valued customers from hackers and fraudsters who are always on the prowl, FBC Bank continues to put in place proactive interventions that protect and minimise the risk of financial loss for our customers.

The bank has taken note of potential loss points during online transaction cycles involving E-Commerce transactions that happen on websites. Generally, these transactions are executed/processed after the provision of card credentials which include Card Validation Value (CVV2) numbers.

However on some websites mainly where subscription-based payments are executed, the transaction may go through without a request for your card CVV2 number. This leaves and provides an opportunity for hackers and fraudsters to compromise one’s card which may result in a financial loss to the card holder.

The bank has thus been proactive following this discovery and has placed a cap on the amount that a card holder can execute online without the need to provide a CVV2 number.

To this end, all FBC MasterCard online transactions will be executed up to USD$60 (Sixty dollars) on all websites that do not request for CVV2 numbers.

Where a cardholder has been restricted from doing a transaction above USD$60 they will be required to contact our contact centre for assistance.

Where a CVV2 number has been provided for amounts above USD$60 and transactions are still failing, kindly contact us in order to verify if the merchant you are subscribing to, is consuming the CVV number or is asking for formalities.

All other capabilities of the card remain unchanged. Card holders can still do withdrawals and Point of Sale transactions at all MasterCard accepting ATMs and merchant locations respectively within the previously announced limits.

Card holders are also encouraged to use the temporary block facility available on our MasterCard Mobile Application, when cards are not in use

Protecting our customers from potential losses remains a key resolution of the FBC Brand, our customers have invested a lot of confidence in the brand and in turn as a natural expectation we provide them with secure and convenient services that speak to their financial needs because they matter most.

More: Pindula News

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