Visa holds comprehensive risk management training for Bank of Palestine Ltd

The three-day comprehensive training, conducted in Dubai, was attended by Jamal Shaheen, Head of Credit Card Division and Bassam Abu Shaban, Head of IT, Bank of Palestine Ltd, who received an in-depth understanding on fraud identification, mitigation, counterfeit tracking, and control procedures. The training programme was the first to be hosted for a Palestinian Bank outside the country.

Shaheen said, 'We found the training extremely useful. We now have an enhanced understanding around how we can further develop our own security systems and procedures to thwart card fraud.

'We are aware that risk management is one of the most important factors of successful card management. The training provided by Visa, is an important step forward for strengthening the security of our cardholders' transactions.'

Visa International's risk management consultancy is a significant service provided to issuing banks and merchants. Due to the recent appointment of an additional risk manager in the Middle East, this service has increased to further support the adoption of international best practices and effective fraud prevention by financial institutions across the region.

Visa regularly holds fraud training across the region in addition to quarterly fraud forums held with members, local enforcement authorities for a collective stand against fraud.

'Risk management training is one of the many areas where Visa offers its expertise to member banks with a view to supporting their initiatives in providing secure and convenient payment solutions,' said Alan Perkins, Head of Risk for Middle East, Visa International. 'We are extremely pleased to be able to support Bank of Palestine Ltd and believe that this training has helped us gain a better understanding of their specific market needs and has further strengthened our relationship'.

'We take fraud seriously and have essential risk management procedures in place to support our members together with increased collaboration with cardholders, merchants and local law enforcement agencies through regularly held fraud forums. Equally important is the role of new technologies such as chip cards and 'Verified by Visa' (VbV), our e-security programme offered to our members, that form a vital component in our drive against card fraud.'

Perkins pointed that encouraging results have been witnessed around the world through adopting chip technology. By learning from other markets such as France, which reduced counterfeit fraud by US$750 million between 1991 and 1998, one can clearly see the effects that chip implementation have on fraud, he added. From 250,000 Middle East chip cards in 2002, to over 2.2 million as of March 2004, the migration to chip is gathering pace.

Verified by Visa (VbyV) is another example of Visa harnessing technology to mitigate risk and take a pioneering role in new security measures. Several banks in the Middle East have adopted VbV for a more secure e-payment environment. Similarly, IP migration is another key area where new technology is introduced to manage risk and the advantage of real time information.

Perkins concluded, 'More than US$4 billion a day is cleared through the Visa systems and more than 350,000 transactions a minute during peak periods is processed by Visa Net processing network. This makes managing risks a critical issue in ensuring service quality and consumer peace of mind.'