Saudi FM calls Indian, Pakistani counterparts to discuss developments    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Saudi Arabia cracks down on fraudulent Hajj campaigns, urges pilgrims to use official channels    Nammos Amala Resort to open soon with Saudi-Greek designs    Saudi Arabia completes 674 Vision 2030 initiatives, achieves 93% of KPIs as ninth-year milestone marked    Literature Commission inaugurates Saudi Pavilion at Muscat Book Fair    Saudi Minister of Culture holds talks with his Costa Rican counterpart in Jeddah    Alkhorayef praises advancements in Al-Kharj food industries sector    MHRSD: 80% of recruitment offices are non-compliant with regulations    At least 50 Palestinians killed in Israeli strikes across Gaza    Teenage girl killed in French school stabbing attack    Trump claims meeting with China after Beijing denies any trade negotiations    GACA chief chairs 16th meeting of the Steering Committee on aviation's strategy    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Jennifer Lopez dazzles in Jeddah with a Formula 1 performance    Saudi Arabia open to expanded 64-team World Cup in 2034, says sports minister    Average life expectancy in Saudi Arabia rises to78.8 years    Film Commission launches 'Cinema' initiative to enhance content    Famed Philippine film star Nora Aunor dies at 71    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Mideast banks urged to improve fraud security
Published in The Saudi Gazette on 21 - 09 - 2008

The spate of ATM withdrawals on customer accounts with fraudulent cards has sparked widespread concern across the Middle East. The incidents that happened in UAE have rattled many banks and have instilled fear in the minds of cardholders.
Dubai is maturing into a major leisure and business destination and this means that many foreign-issued cards will be used at local ATM machines. Middle East-issued cards also have a very high level of out of country spending since a large portion of cardholders are expatriates.
With the implementation of chip and pin in both cards and ATM machines, local card fraud usually goes down; however cross-border ATM fraud and card-not-present fraud dramatically increases. The usual defenses dished out by the card schemes -EMV, 3D secure - are not effective against card skimming especially when the fraudulent card is used with terminals and ATM machines that still read the magnetic stripes. These incidents are likely to grow in numbers leading to higher losses as organized gangs realize that the Middle East is easy picking for card fraud.
Banks in the Middle East must secure their cardholders with appropriate and effective systems. And there are solutions out there that do just that. This is why a product like CardSwitch Technology should be implemented into all banks and card issuing organizations.
The CardSwitch system enables cardholders to put an electronic lock and key to their card accounts, making it useless for fraudsters to skim cards that are protected by this technology. When a cardholder decides that his card will not be used for any ATM transaction abroad, he can lock his card account, making it impossible for fraudulent out of country ATM transactions. The same control can be applied to card-not-present transactions, out of country card payments and local ATM transactions.
Cardholders can then unlock their card accounts for these types of transactions before using their card and can specify particular limits, such as which countries the card will be used in, period of time and amount of money. These parameters, called ‘cardholder user limits' can be set by sending an SMS with a mobile phone, calling an automated system with a landline phone, or via internet. Cardholders can lock or unlock their card accounts 24 hours a day, seven days a week. These cardholder user limits will take effect immediately, allowing cardholders to unlock or lock their cards without delay.
The rise in instances of card related fraud across the world is a concern and cardholders need to take precautions. But it's most important that banks need to act fast about fraud and allow cardholders to actively participate in the security and authorization of their own cards and enable them to control the disbursement of funds that banks are doing on their behalf.


Clic here to read the story from its source.