NBAD first regional bank to launch Verified by Visa programme to cardholders

Khamis Buharoon, Head of Domestic Banking Division at NBAD said: 'We are proud to be the first Visa member bank to roll-out the Verified by Visa programme in the CEMEA region for both retailers and cardholders. Introducing Verified by Visa programme to our customers means a huge amount for us because it makes for a higher value added service and a level of security and peace of mind that was not previously possible.'

Buharoon added that as an issuing bank, NBAD is now able to authenticate their cardholders during online transactions based on the correct consumer password (PIN) and notify the e-merchant through Visa in real time that the buyer is the actual cardholder. This acts like an insurance policy for merchants and consumers, since payments are guaranteed from the cardholders, thus reducing the number of disputed transactions.

NBAD was the first bank in the CEMEA region to roll out the Verified by Visa programme to merchants in July 2002, and anticipates a further reduction in the incidence of fraud arising from online transactions by at least 50 per cent.

Buharoon noted that: 'over 50 large merchants that bank with NBAD have also decided to adopt the Verified by Visa programme. By adopting the programme, these merchants will be able to significantly improve their sales and operating margins. As members of the Verified by Visa programme, and by displaying the Verified by Visa logo, cardholders confidence will be greatly increased as they can rely on the fact that the merchant has a traceable relationship through the Visa system'.

Visa is leading the development of technologies to make e-commerce safe and secure in the world. The company harnesses technology to develop faster, safer and more convenient ways to pay.

Kamran Siddiqi, General Manager Middle East, Visa International, congratulated the efforts of NBAD and said that renewed cardholder confidence should result in a strong growth in e-commerce payments. He noted that despite the strong global trend towards online purchasing, studies show that some consumers are still worried about cyber security.

Studies have shown that Verified by Visa programme, which further encrypts personal cardholder information in addition to 128 bit SSL (Secure Socket Link) used in e-commerce transactions, has led to greater consumer confidence with more than 80% of the consumers surveyed ready to apply for Verified by Visa services and use their Visa Cards for online shopping.

'Verified by Visa has been tested against many fraud scenarios and the product is secure. We have worked with NBAD and we are working with other banks in the region to ensure the correct implementation of the product and security is and has been our highest priority,' Siddiqi said.

Visa's Verified by Visa technology has now been adopted as a global standard for shopping on the Internet. Currently more than 6,000 banks worldwide are already using the Verified by Visa technology and 70 of the top 100 e-merchants have already signed up for the programme.