Alexander Thomas, Chief Risk Officer, United Arab Bank (UAB) sits down and shares insights into steps the bank takes to protect its customers.
What steps does UAB take to protect its customers’ details and information?
In consideration of the criticality of the customer data, the protection of the customer’s data is of paramount importance for UAB and its management.
UAB has invested substantially on improving the cybersecurity posture of the bank and adapts to various emerging threats, while designing the controls. UAB’s proactive (24x7) security monitoring reinforced with cutting-edge security technologies from Endpoint to Gateway level supports to protect customer’s data from any intrusion.
The data sent across in various channels are encrypted and ensure only need-to-know access are provided. Moreover, UAB conducts periodic security tests to ensure any new vulnerabilities have been identified and fixed in a timely manner.
UAB is currently in the process of getting Payment Card Industry Data Security Standard (PCI-DSS) certification and are in compliance with other various local and international security standards.
The bank is committed to protect our customers from fraud threats and trends by unremittingly embracing the new approaches and technologies to prevent and mitigate these fraud risks.
How does UAB ensure it works to counteract evolving incidents of fraud and deception?
Fraud attempts continue to adapt with the evolution of technology. There has been an increasing trend from fraudsters who use social engineering techniques to attempt to defraud individuals via the scams for example; one time password scams, intrusion of business emails, breach of personal information and mule accounts.
Digitalisation represents great opportunities as well as responsibility for banks towards their customers and regulators. The bank is vigilant to respond to new threats and is continuously embracing the new approaches and technologies to prevent and detect fraud and has developed a robust mechanism to prevent, detect, monitor and respond to the emerging fraud risks. Moreover, the Bank has instilled the culture of continual fraud risk awareness internally and to customers by providing them perpetual cybercrime and fraud awareness messages (via SMS, social media, on our website and at ATMs) to protect themselves from financial cybercrime and fraud.
What comfort does UAB offer its new customers against fraud?
The bank is committed to protect our customers from fraud threats and trends by unremittingly embracing the new approaches and technologies to prevent and mitigate these fraud risks. The bank has the fraud risk prevention, detection and monitoring mechanism to cater to the evolving risks of fraud. The bank has also been actively participating in national fraud awareness campaigns by enlightening the customers with the new fraud threats and trends to safeguard themselves from being the victims. Moreover, UAB facilitates customers to report suspected or actual fraud incidents to the bank through its channels.