QIIB has implemented ‘IBM Safer Payments’ to deliver cross-channel fraud prevention, enabling the leading Qatari Islamic bank customers to bank more securely.
IBM Safer Payments is a data science-based payment fraud prevention solution that allows banks to intercept fraudulent activities before they happen, while ensuring customers’ genuine transactions are processed smoothly.
“Protecting our customers’ trust in us is key to our success and we put security front and centre, so they can be sure their money and personal information is well-protected. With IBM Safer Payments, we are stepping up this protection, analysing every transaction in real-time, but without sacrificing the customer experience,” said Dr Abdulbasit Ahmad al-Shaibei, CEO of QIIB. "
“We have invested carefully in technology solutions and through our co-operation with IBM we hope that we will take efficiency to a new level. We always depend on efficiency to enhance our cybersecurity leadership and meet the requirements of technical developments in the banking sector according to the latest global trends,” he added.
Through its artificial intelligence and machine learning capabilities, IBM Safer Payments provides QIIB analysis on fraudulent patterns, predicts and alerts the bank of emerging fraud threats, and recommends countermeasure responses.
It also uses both financial and non-financial data, together with a customer’s transaction history to perform rigorous authentication on every transaction in real-time. This allows fraudulent transactions to be quickly identified and stopped until further validation is carried out.
“Data science is revolutionising fraud prevention. Banks and financial institutions across the world are embracing artificial intelligence to enable frictionless payments while maintaining high fraud detection rates,” said Mejdi el-Khater, country manager, IBM Qatar.
“Through the implementation of IBM Safer Payments, QIIB is able to detect and reduce fraud across any of its payment channels and keep false alarms to a minimum.”
Trust and innovation have always been the corner stone for QIIB’s business model as the bank is keen on reinforcing this value through the innovative digital and electronic banking services. QIIB Mobile Banking and QIIB Internet Banking are premium services that provide efficient transactional banking and at a glance account information. With IBM Safer Payments, QIIB will ensure this innovation and trust is maintained.
“IBM Safer Payments is also PCI PA-DSS certified,” stated Hesham Mohameden, chief information security officer, QIIB.
“This implies that the highest standard of data security and data consistence of the payment industry are maintained and ensures that all development and quality assurance processes are in line with the highest standards as well,” he said.