The Central bank of UAE to introduce the new guidance instructions to banks to protect credit and direct debit cards from fraud.
The Circular to this effect to all banks and finance companies in the country are provided. The guidelines are to be assembled from 1st December.
Banks have to ensure their approved risk management systems and information technology controls are sufficient to detect unauthorised transactions which take place on credit and debit cards. Banks must have systems which ensure these transactions are stopped immediately before any transfers of money are made.
Further, the banks should verify their customers can access communication channels and to ensure that they can be alerted which will also help them to inform any attempts to engage in fraudulent activities on their cards.
