Visa awards FirstBank for efficiency against fraud
The incidence in debit and credit card fraud has been in on the rise in Puerto Rico given the different ways fraudsters use to obtain a cardholder’s information.
The problem has represented challenges for financial institutions that have had to find ways to mitigate fraud while keeping up customer service standards.
Recently, FirstBank received a global award from Visa for its strategy to keep fraud at bay, while maintaining optimal authorization levels. The bank was also recognized for its efficiency in international e-commerce transactions and for being the debit card-issuing bank with the highest rate of international transaction approvals, for four consecutive years.
“At FirstBank we are extremely effective in this kind of processing e-commerce transactions. We are aware that this is key to our success as issuers and to the satisfaction of both, the cardholder and the trade,” said Ivan Marrero, senior vice president of Center for Operations Excellence of FirstBank’s.
FirstBank was also recognized for the fourth consecutive year, as the debit card issuing bank with the highest rate of transaction approvals.
“This is indicative that issuer approval parameters are set high enough to increase transaction approvals, while still controlling the risk,” said Gloria Martinez, vice president of FirstBank’s Banking Operations Fraud Management.
“At FirstBank we believe security is fundamental to the evolution of electronic payments, so we focus on our anti-fraud efforts, developing robust strategies and maintaining our philosophy of providing our clients with an excellent customer service,” she said.