Bank of Valletta will be introducing a stronger security process for safer and more secure online purchases in line with a new regulatory requirement known as Strong Customer Authentication (SCA).
People who buy goods or pay for services online are often required to authenticate their payments through a fraud protection tool known as 3D Secure, by which they receive an SMS with a code which must be keyed in before payment is affected.
Bank of Valletta will soon be launching a new BOV 3D Secure app, which will replace the current SMS method. Customers making online purchases will be required to download the app on their smartphone, upload one of their active BOV Cards on it, and authenticate their payments through this app.
The new system will help protect online shoppers even further, making their purchases more secure as it introduces an additional layer of security to minimize the risk of fraudulent transactions.