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Fraud Protection Improvements Needed in UAE Banks
October 11th, 2008
The spate of ATM withdrawals on customer accounts with fraudulent cards has sparked widespread concern across the Middle East. The incidents that happened in UAE have rattled many banks and have instilled fear in the minds of cardholders. Dubai is maturing into a major leisure and business destination and this means that many foreign-issued cards will be used at local ATM machines. Middle East-issued cards also have a very high level of out of country spending since a large portion of cardholders are expatriates. With the implementation of chip and pin in both cards and ATM machines, local card fraud usually goes down; however cross-border ATM fraud...
Source: Law & Health Weekly (2008-10-11)
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