New digital Card Verification Value protects account holders from fraud
11 November 2022, Manila, Philippines – The Overseas Filipino Bank (OFBank) is stepping up efforts to
protect its clients from fraud by providing a digital Card Verification Value (CVV) beginning October 2022, a feature that will 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 (DES) 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.
This newest feature on the OFBank mobile banking app 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,” OFBank President & CEO Leila Martin emphasized.
Primarily designed to protect cardholders from digital fraud, a CVV is required for online transactions as it
guarantees that the person making the purchase is the actual cardholder. The CVV is usually printed on the back of the physical debit card and should only be known by the cardholder.
Operating on the same principle, OFBank displays the CVV and the card expiry date via the mobile banking app – enabling e-Commerce transactions without the need for physical cards. This will likewise provide a simple and convenient process for its clients.
A fully-owned subsidiary of LANDBANK, OFBank has been dedicated to providing a safe, reliable, and
secure banking experience for its diverse clienteles. 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. The platform utilizes artificial intelligence to facilitate an electronic know-your-customer (e-KYC) process to verify and validate uploaded application information and requirements.
Further, OFBank’s mobile banking app has advanced encryption and security technology that protects
OFBank is the first branchless, digital-only bank licensed by the Bangko Sentral ng Pilipinas (BSP) and the
official digital bank of the Philippine government. It offers retail internet banking, remittance services, loans, alternative payment channels, and investment tools – not only to overseas Filipinos but also to their
beneficiaries back home. For more information, visit https://www.ofbank.com.ph/