In a major leap forward to reinforce security for online credit card transactions, thePhilippine National Bank is now implementing OTP authentication for all PNBMasterCard and Visa cardholders. For the uninitiated, OTP is a security protocol developed bythe card schemesVisaand MasterCardwith the primary objective of preventing unauthorized use of credit cards. OTP works by adding an extra authentication layer during the checkout process to verify the identity of the cardholder. To enroll in the OTP program, all PNB credit cardholders will be required to update their profiles and register their mobile numbers. Once enrolled, cardholders will now be able to receive a One-Time Password. “Existing risk management solutions are now fast becoming obsolete as fraudevolves every day,” saidBernie Tocmo, PNB’sExecutive Vice President and Head for Retail Banking Group. “To nullify this ever-growing threat, PNB continues to utilize stronger authentication systems and fraud prevention practices, ensuring that we provide the maximum level [...]
