FNB installs Arcot's Transfort for online authentication
23 April 2004 | 3799 views | 0
First National Bank of Southern Africa has installed Arcot's TransFort software to deliver Visa 3-D Secure and MasterCard SecureCode authentication services to its Internet merchant customers.
Both authentication programmes require cardholders making online purchases to verify their identity with a password.
Arcot says the use of the password enables the bank to verify users with the card issuer before the transaction is completed, which reduces the risk of fraudulent transactions as well as FNB's liability for charge back payments.
Kestell Laurie, director, merchant acquiring, FNB, adds: "The fact that we attempt to authenticate every card purchase eliminates our liability for charge back payments in the event of 'I did not do it' disputes."
The software was implemented in two weeks by South African IT services firm, Symbiotix.