Visa has recognized Rizal Commercial Banking Corporation (RCBC), one of the largest universal banks in the country, as Visa’s Security Champion for the Philippines for best-in-market fraud mitigation and risk performance.
Awarded during Visa’s annual Risk Forum, the Security Champion Award recognizes the best-performing local bank across four core security dimensions – issuing fraud rates, issuer authentication approval rates for online transactions, acquirer fraud rates, and fraud mitigation program implementation. This is the second consecutive year RCBC has received the award, underscoring the bank’s continued excellence in fraud performance.
“While protecting Filipinos from fraud has always been a top priority for Visa, we believe that strengthening payments security is a shared responsibility among all industry stakeholders. By working with banks and other partners, Visa’s risk solutions help to protect banks’ customers and consumers across the Philippines. This award exemplifies how RCBC has made the management and mitigation of risk as a differentiator in their business strategy and underscores the depth of our shared commitment towards making payments more seamless and secure in the Philippines,” shared Jeffrey Navarro, Visa Philippines Country Manager.
“The rapid digitization of payments has also inevitably increased the sophistication of the threats we need to defend against,” Reggie Cariaso, RCBC President and CEO added. “RCBC is staying ahead of these risks with our robust risk management infrastructure and world-class security protocols through our partnership with Visa. These must go hand in hand with our innovations in order to foster customer trust in the digital payments ecosystem.”
With scams shifting from traditional SMS schemes to phishing, online card fraud, and account takeovers, Visa has ramped up its scam disruption capabilities, blocking more than US$1 billion in attempted scams and dismantling more than 25,000 scam-linked merchants[1] through its Visa Scam Disruption (VSD) practice. Visa has also invested US$13 billion over the last five years to advance fraud prevention and network security for its partners.
RCBC was one of the first issuers in the country to use secure, tokenized card credentials when Visa launched Google Wallet and Google Pay in the Philippines last year in partnership with Google, the FinTech Alliance of the Philippines, the Bangko Sentral ng Pilipinas, and the Department of Information and Communication Technology. Through a recent debit cards partnership, RCBC will also now be issuing Visa debit cards, providing Filipinos with more secure options to pay.
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