Visa clients from both issuing and acquiring were considered and judged on a number of quantitative and qualitative metrics including risk initiatives, innovations and fraud investigation. Emirates NBD was recognised for its fraud prevention and reduction efforts, some of which include:
- Implementing a dynamic authentication and built-up model for transparent authentication through which customer usage patterns will be recognized and the challenge response for user authentication will be invoked for out of pattern transactions;
- Identifying local ATM skimming attempts with a quick and strong coordination between local law enforcement officials and Visa’s ATM Security team;
- Promoting consumer awareness over card security and safety through its website, emails, and statement inserts.
“I would like to congratulate Emirates NBD bank for being commended with a Visa LEADER award for the MENA region, in recognition of its efforts to keep payments safe for consumers. Emirates NBD bank is clearly leading the way for the advancement of risk management practices in the region,” said Neil Fernandes, Head of Risk Services for MENA, at Visa Inc.
Emirates NBD bank and other industry partner efforts have contributed to keeping the global fraud rate at a historic low, to less than 6 cents for every $100, despite a huge increase in electronic payments around the world.
R. Sivaram, Senior Vice president and Cards Business Head, Emirates NBD, said, “We are delighted to be recognized by Visa with the LEADER award for the third year running. Ensuring good customer experience in usage of payment cards is key for us, and this award is a testimony to our efforts in this direction through our strong risk management practices. It is heartening to be among the top 10 institutions across AP CEMEA, and we hope to continue to work closely with VISA to be at the forefront of understanding and implementing best practices in fraud and risk management.”
The Visa 2014 AP CEMEA Security Summit brings together security experts from financial institutions, industry service providers, regulatory bodies and law enforcement agencies from across the world to explore the latest security trends in the payments ecosystem, and how we can work together to drive sustainable growth for the future.
Emirates NBD wins risk prevention award at Visa Security Summit