BancNet steps up security bar

MANILA, Philippines — Electronic banking and payment giant BancNet has raised the bar in terms of security of its network amid the rise in online fraud as consumer behavior shifts toward contactless transactions.

BancNet chief executive officer Aristeo Zafra said the certificate of compliance it received after passing the assessment for the Payment Card Industry Data Security Standard (PCI DSS) version 3.2.1. is an assurance that all transactions passing through its network are secure.

“With this certification, cardholders of our members and partners are assured that their account and transaction data that pass through our network are securely processed in accordance with strict global standards,” Zafra said.

The PCI DSS was developed to encourage and enhance cardholder data security and facilitate the broad adoption of consistent data security measures globally. It aims to build and maintain a secure network, to protect cardholder data, to maintain a vulnerability management program, to implement strong access measures, to regularly monitor and test networks and to maintain an information security policy.

The PCI DSS assessment covered payment processing through electronic channels including ATMs, point of sale (POS) terminals, and the BancNet online payment gateway.

Payment processing includes payments and fund transfers through InstaPay, a real-time fund transfer service operated by BancNet. Its transaction processing switch and clearing and settlement system also underwent the review and passed the rigid tests.

ControlCase LLC, a US-based Qualified Security Assessor Company (QSAC) certified by the PCI Security Standards Council, issued the certificate of full compliance to BancNet after the assessment was completed last Oct. 25.

PCI DSS is a global data security standard used by all major card brands, including American Express, Discovery Network, JCB, Mastercard Worldwide, Visa International and Visa USA.

Full compliance with PCI DSS version 3.2.1 is the latest measure undertaken by the banking consortium to protect its members’ and international partner networks’ cardholders from fraud and other malicious activities.

BancNet is the first multi-channel payment  network  in the Philippines to be certified PCI DSS compliant and has been certified compliant with previous versions since 2014.

The network currently has 123 members consisting of banks, cooperatives, electronic money issuers, affiliate switch networks and independent ATM deployers with a nationwide network that spans more than 21,000 ATMs and over 433,000 POS terminals nationwide.