OFBank steps up fraud protection for clients amid holiday shopping

THE Overseas Filipino Bank (OFBank), the first branchless, digitalonly bank licensed by the Bangko Sentral ng Pilipinas (BSP), is stepping up efforts to protect its clients from fraud.

OFBank introduced digital card verification value (CVV), a feature that beef 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 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”

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,” Leila Martin, OFBank president and chief executive officer, said.

OFBank is a fully-owned subsidiary of LandBank. Through its digital account opening platform, Filipinos, here and 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.