Bancnet strengthens protection measures vs fraud
Electronic banking and payment network Bancnet strengthened its safeguard measures against fraud and other malicious activities after meeting the latest global data security standard.
In a recent statement, the banking consortium said that it passed the assessment for the Payment Card Industry Data Security Standard (PCI DSS) version 3.2.1.
“With this certification, cardholders of our members and partners are assured that their account and transaction data that pass through our network are securely processed in accordance with strict global standards,” Bancnet CEO Aristeo P. Zafra Jr. said.
The PCI DSS assessment looked into the payment processing via Bancnet’s electronic channels, such as automated teller machines (ATMS), point-of-sale (POS) terminals and the online payment gateway.
Payment processing includes transactions through Instapay, which is a real-time fund-transfer service by the Bancnet. This platform’s transaction processing switch and clearing and settlement system were reviewed as well and passed the tests. The evaluation concluded on October 25.
“Full compliance with PCI DSS version 3.2.1 is the latest measure undertaken by the banking consortium to protect its members’ and international partner networks’ cardholders from fraud and other malicious activities,” Bancnet said.
The certificate was issued by Controlcase LLC, a Us-based Qualified Security Assessor Company certified by the PCI Security Standards Council.
The global standard is aimed at building a maintaining a secure network, protecting cardholder data, implementing strong access measures and monitoring networks regularly, among others.
PCI DSS is a set of global guidelines followed by major card brands, including American Express, Discovery Network, JCB, Mastercard Worldwide, Visa International and Visa USA.
Bancnet currently has 123 members, including banks, cooperatives, electronic money issuers, affiliate switch networks, and independent ATM deployers with over 21,000 ATM locations and more than 433,000 POS terminals.