Việt Nam News

Sacombank security technology for online payments upgraded to latest version

November 26, 2020 - 16:27

Sacombank is proud to be one of the first banks in Việt Nam to co-operate with international payment companies Visa and MasterCard to upgrade the 3D-Secure multi-level security system for card transactions from version 1.0 to version 2.0.

Sacombank is adopting the latest version of 3D Secure to reduce risks in card payment transactions and improve the customer experience. — Photo courtesy of the bank

HCM CITY — Sacombank is proud to be one of the first banks in Việt Nam to co-operate with international payment companies Visa and MasterCard to upgrade the 3D-Secure multi-level security system for card transactions from version 1.0 to version 2.0.

The system upgrade will make online transactions more secure, speed up the transaction process and help customers experience cutting-edge banking services.

3D-Secure is an added layer of protection for cardholders when making payment transactions online. Version 2.0 applies a risk-based authentication (RBA) system to decide which transactions need to be authenticated and which need not to increase the processing rate and ensure greater information security.

3D-Secure 2.0 also allows customers to use more new authentication methods such as biometrics (fingerprint, face ID) through Sacombank mSign app instead of just SMS OTP and token authentication as previously.

The next generation security platform also helps reduce the frauds committed by setting up a similar website to steal card information, and also supports customers in making transactions on many different devices / platforms such as mobile phones, websites and online shopping apps.

3D-Secure 2.0 is registered by default free of charge and is available to all Sacombank Visa and Sacombank MasterCard international cardholders.

Being a pioneering bank in adopting the latest card technologies, especially security technologies, Sacombank received the PCI-DSS (payment card industry data security standard) version 3.2.1 (the latest version) in 2020.

It was for a seventh consecutive year that Sacombank secured this certificate.

PCI DSS is a security standard established by the PCI Security Standards Council that consists of members such as Visa, MasterCard, American Express, Discover Financial Services, and JCB International.

Thanks to its unceasing efforts to apply advanced technologies and IT, Sacombank is always top of the industry in card revenues.

In online payment transactions, Sacombank is easily the market leader with a 34 per cent market share. — VNS

Tags Sacombank 3D -Secure version 2.0 security technology

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