Visa International, the world’s leading payment solutions provider, hosted the payment cards Fraud Control Forum that took place in Dubai last week. The forum was organized by Visa’s Fraud Control Team and was attended by risk specialists from various UAE banks including the Central Bank of the UAE, and other industry specialists. Visa International presented the latest trends in payment card fraud and shared with the attendees the best practices in combating these trends in the country.
Gups Jutla, Fraud Control Manager at Visa International Middle East, said “We are pleased to see an increasingly growing attendance from the UAE banks, which goes to show their keen interest in keeping abreast of the global risk compliance programmes, fraud control trends and the industry’s best practices in combating fraud. Visa International is committed to extending the efficiencies of electronic payments to the UAE community and economy. Electronic payments reduce underground economies, bring greater transparency, and attract capital and consumers to the banking system. When coupled with the safe and secure use of these systems, electronic payment systems can play a critical role in helping small business grow. In this respect, we hope that this quarterly forum will make a valuable contribution to the development of the banking industry.”
Osama Ahmed, Member of the UAE Fraud Forum and Regional Fraud Manger at HSBC Bank, who did a joint presentation with Emirates Bank to share best practices to ATM fraud detection and prevention, said "We are pleased to have attended and contributed to this Fraud Control Forum that brings to the UAE Visa International’s global expertise in risk management and fraud control, ensuring that financial institutions are kept ahead of criminal attempts to jeopardise the safety and security of card payments in the country."
About Visa InternationalVisa International is a partnership of 21,000 member banks. These banks have issued over a billion Visa cards worldwide on which US$4 trillion per year is spent across over 150 countries.
Visa’s role is to provide payment solutions for its member banks, enabling them to issue cards and process merchants’ Visa card transactions. The Visa products issued by the banks are safer, more convenient and more efficient than cash. Furthermore, they help to bring people into the banking system and to increase the funds available for commercial loans, the lifeblood of a growing economy.