Bank of Valletta (BOV) has announced it will introduce a new app-based purchase verification process, to replace its current SMS system.

BOV's new secure payment verification app. Source: BOV marketing materials

This will provide a stronger security process for safer and more secure online purchases in line with a new regulatory requirement known as Strong Customer Authentication (SCA), according to BOV.

The new BOV 3D Secure app, expectedly to be launched imminently, will replace the current SMS method.

Customers making online purchases will be required to download the app on their smartphone, upload one of their active BOV Cards on it, and authenticate payments through this app.  

As things stand, online shoppers use 3D Secure to confirm their purchases, by which they receive an SMS with a code that must be keyed in before payment is affected.

BOV believes the new system will help protect online shoppers even further, making their purchases more secure as it introduces an additional layer of security to minimize the risk of fraudulent transactions.

The bank says more details about the new app will be communicated to customers once it becomes available for download.