Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, has announced its sponsorship of the second International Security Conference for the Financial Sector, under the title ‘Enhancing IT security in the financial sector in today’s world’ on November 15-16, 2015 at Ritz-Carlton, Doha.
Under the patronage of H.E. Sheikh Abdullah Bin Nasser Bin Khalifa Al-Thani, Prime Minister and Minister of Interior, the conference which is organized by Qatar Central Bank with the presence of H.E. Sheikh Abdulla Bin Saud Al Thani, QCB’s Governor, will focus on enhancing IT security in the financial sector.
The conference will examine information security as well as the security-related challenges facing Financial Institutions to explore solutions and recommendations for addressing them. Discussions will revolve around the role of banks with regards to cyber-security and cyber-crime, as well as recommendations relating to how policy makers and Banks can assist in the development of secure online environments for local and cross border transactions.
Over two days, the conference will address topics such as the impact of cyber-security on the financial sector, the mitigation of global risk in the financial sector, detecting data fraud, ATM fraud, and information security in the banking sector.
QIB’s sponsorship of the conference is in line with its commitment to support Qatar’s financial and banking sector. QIB prides itself on its proactive approach to information security, and has invested in a number of security features and tools to continuously increase customers’ protection from fraud and improve their banking experience.
The Bank’s security initiatives include the implementation of innovative Skimming Protection Solution (SPS) to help protect customers against ATM skimming challenges, along with One-Time Password (OTP) authentication for increased security when banking online. Customers can authenticate their account via SMS or using the QIB Aman smartphone application.
QIB was also the first to become PCI compliant with regard to credit card systems and processes, additionally adding 3D Secure technology to help protect all online purchases made using a Visa Card. It has taken market-leading steps to protect customers from fraudulent activity when in countries where magnetic strip transactions are still the norm, and following a directive by the QCB has begun implementing International Bank Account Numbers (IBAN) for improved security and efficiency of electronic banking payments.
The Bank has also taken measures to enhance and strengthen its IT security infrastructure through the use of Firewalls, Network Access Control, an upgrade of its Data Centre switches, and a technology refresh of its entire telephony system.
QIB has received recognition from Visa for the effectiveness of its Fraud Control Unit in identifying fraudulent activity on customer cards, and has been conferred the prestigious STP Award from the Standard Chartered Bank for its state-of-the-art in-house funds transfer architecture and high SWIFT payment standards.
“We are aware that Qatar has become a major and attractive destination that also brings challenges to ensure that the Banking and Financial sectors are secured and hence the initiative by Qatar Central Bank to organize this international conference which we are proud to sponsor as a major player in the market together with our belief in the proactive initiatives the Central Bank is undertaking; we firmly believe that securing financial information and protecting banking systems are among the most significant stability factors that lead to growth and prosperity,” said QIB Group CEO Bassel Gamal.
“QIB has positioned itself as a leader in banking security, and has undertaken efforts to develop its security policies based on the valuable recommendations put forth by Qatar Central Bank. Our widespread and comprehensive implementation of tools such as anti-skimming technology, PCI-compliance, STP and SWIFT compliance, and IBAN account numbers, along with our state-of-the-art fraud control policies represent just some of the ways we strive to protect our valued customers,” he concluded.