PrivatBank said on Friday that it has launched an online program in which clients can verify purchases to increase security against fraudulent payments.
When clients of the bank make a purchase online, they will be required to use the bank's system to verify that a fraudulent transaction did not take place. Payments to online vendors will not be made until the client verifies the purchase.
"Previously, to implement risk charges on which our security system asked further authorization of the client, he had to confirm payment by telephone," Alexander Sokolovsky, PrivatBank's head of internal control and fraud protection, said.
"Now we ask the customer to confirm Privat24 payment using self on-camera smartphone or computer, or enter a PIN code card. It is convenient, especially if the client is on holiday or abroad, quickly ensuring exceptional security payments. "
Clients will be asked to confirm information in line with their account as part of the self-authorization process.
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