Building on the success of the Africa Fraud Forum, Visa recently organized another fraud forum in Cairo, hosted by National Société Générale Bank (NSGB) and the Egyptian Fraud Forum Committee at the NSGB headquarters. With the objective of training and developing measures to fight card fraud and heighten vigilance among banks and law enforcement agencies in Egypt, the event brought together representatives from Visa, Egyptian banks, and related national organizations and authorities.
Visa invited Bryce Thorrold, Head of Risk from South Africa, and Nihat Tsolak, Compliance Manager from London, to attend and share their expertise at the Forum. Mr. Tsolak gave a presentation on Radar (Risk Analysis Decision Action Report, which provides Visa clients with information and statistics about fraud) and also introduced a new method of fraud prevention offered by Visa called The Common Point of Purchase Bureau Service (CPP). A CPP is a merchant location where three or more transactions occurred within 30 consecutive days or less, and each one confirmed fraudulent or counterfeit transaction activity. Visa CPP Bureau service is for the first time providing these CPP identifications and Visa CPP research to Visa Issuers.
"Protecting Visa cardholders and our clients is always our top priority," said Valery Assef, Visa Regional Data Security & Fraud Control Manager, Middle East, North West and Central Africa. "The Fraud Forum Egypt, created by Visa, has played a very active role within the country and offered valuable insights during the Fraud Forum Africa held at the end of 2009. As one of the pioneering forums on the topic, the Fraud Forum Egypt has contributed greatly to the facilitation of information transfer and industry know-how."
Commenting on behalf of NSGB as the host of the Forum, Mohamed El Deeb, Chairman and Managing Director, NSGB, said: "Customer satisfaction is the ultimate aim that NSGB always seeks to achieve. In the payment card sector, NSGB is considered one of the biggest issuer banks for debit and credit cards. The bank had many investments to adopt and apply the most up-to-date technology to reach this aim."
The Fraud Forum Egypt was launched almost four years ago in November 2006, and was the first of its kind in the region. Last December Visa organized the first-ever Visa African Fraud Forum which was held in Tunis, Tunisia to showcase the company's innovative fraud prevention technology and provide a forum for industry experts and local fraud authorities to share industry best practices and knowledge on fraud prevention on a continent where curbing fraudulent activity is paramount.