Bank of Valletta has launched its new BOV 3D Secure App, an app that introduces a stronger security process for online purchases.
This new App replaces the current method whereby a one-time passcode is sent to the cardholders via SMS to authenticate their online shopping and service payments. The BOV 3D Secure App will help protect online shoppers further by making their purchases more secure through the introduction of an additional layer of security.
"At a time when we've seen a major shift towards online shopping and service payments, the significance of this App is very high in so far as it further reduces the risk of fraudulent transactions," stated Franco Xuereb, Executive eBanking at Bank of Valletta. "The App, which functions with and without access to internet or wifi, is very easy to use. Once it is downloaded, cardholders simply upload one of their BOV debit or credit cards and any other active BOV cards they have in their name, will automatically feature in the App. From thereon, whenever an online purchase requires 3D secure authentication, the cardholder will receive a notification to authenticate payment through the App and the transaction is concluded within seconds."
In line with new regulatory requirements known as Strong Customer Authentication (SCA), the current 3D Secure SMS method will eventually be disabled. BOV cardholders are strongly encouraged to download the free BOV 3D Secure App to their smartphone from Google Play or the AppStore or by scanning the QR codes available through the Bank's website on https://www.bov.com/content/bov-3d-secure. User guides showing cardholders how to upload a BOV Card and how to authenticate a transaction are also available on the same page.
"We take our customers' online safety very seriously. Our BOV 3D Secure App has passed through rigorous quality checks having been designed to meet the highest standards in the market. The App in conjunction with a specialized anti-fraud team and system who constantly monitor card transactions, provide additional peace of mind to online shoppers, giving them a better and safer experience," concluded Xuereb.
Issued by Bank of Valletta p.l.c., 58, Triq San Zakkarija, Il-Belt Valletta VLT 1130. Bank of Valletta p.l.c. is a public limited company regulated by the MFSA and is licensed to carry out the business of banking in terms of the Banking Act (Cap. 371 of the Laws of Malta).
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