Thursday 24 May 2018

Card fraud clamp praised

Manama, June 12, 2007

A nationwide campaign to combat credit card fraud in Bahrain has won international recognition.

The arrest of nine fraud suspects last year has brought an international award for Bahrain-based Credimax.

The suspects were caught trying to buy gold jewellery from several shops, using more than 61 counterfeit cards and several stolen cards.

Credimax received the award from the global organisation Visa, of which it is a member.

It won the recognition for working with merchants in support of Visa's initiative to combat electronic payment fraud throughout the GCC.

Merchants in sectors which fraudsters are most likely to purchase from have undergone extensive training sessions to recognise fraudulent behaviour and understand the security features of the cards in circulation, said a CrediMax official.

In addition they also are trained in effective reporting procedures designed to apprehend fraudsters successfully.

CrediMax head of card security Mohammed Redha Al Aali said the company's proactive efforts to train merchants was borne out of the fact that merchants come into direct contact with fraudsters and therefore had the most important role to play in countering fraud in Bahrain.

'We decided to combat card fraud by collaborating with all parties involved in the payment card industry, including merchants, police, prosecutors, courts, issuers, acquirers and card associations,' he said.

'We believe that merchants have a key role to play in combating fraud and so we have introduced several initiatives to raise awareness and sharpen their skills in recognising high-risk situations, which we feel is effective in combating fraud,' Al Aali noted.

Visa International Middle East fraud control manager Wissam Abed said the company was committed to expanding electronic payments.

'Electronic payments bring greater transparency and attract capital and consumers to the banking system,' he said.

'When coupled with the safe and secure use of these systems, electronic payment systems can play a critical role in helping small business grow,' Abed opined.

'In this respect, we hope that our fraud control efforts will make a valuable contribution to the development of the banking industry and increasing its security,'  he added. TradeArabia News Service

Tags: CrediMax | Visa International | card fraud |

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