The UAE implements new measures to protect bank cards from fraud

The UAE implements new measures to protect bank cards from fraud
The UAE implements new measures to protect bank cards from fraud

The Central Bank of the Emirates issued new instructions to banks aimed at protecting credit and direct debit cards from fraud, stressing the need to implement them as of the first of next December.

This came according to a circular signed by the governor of the bank, Khaled Muhammad Balama, which he sent to all banks and finance companies operating in the country.

The Central explained that the circular comes with a goal Protecting banks and their customers from the growing threatWhich is represented in fraudulent transactions made on debit and credit cards, and banks must comply with the instructions by December 1, 2021, according to what was reported by “Emirates Today” newspaper.

The circular added that banks must ensure that their approved risk management systems and information technology controls are strong enough to detect unauthorized transactions made on credit and debit cards, and banks must have systems that ensure that such transactions are stopped immediately before conducting No money transfer.

He stressed that banks must verify that their customers can access multiple communication channels, through which they are alerted and informed of any attempt to carry out fraudulent activity on their cards, and enable them to verify such attempts immediately, and the bank’s systems must allow customers to disable or reactivate their cards when the transaction is verified by the customer.


The circular clarified that in the event of unauthorized fraudulent transactions, banks must return funds to customers in a timely manner, in accordance with the contractual terms that govern the relationship with the concerned customers.

He stressed the banks to ensure that debit and credit card customers are aware of their contractual rights related to the return of funds in the event of unauthorized transactions.

In its circular, the “Central” stressed that banks must assign a third party to conduct a review of the systems, processes and human resources, which are responsible for detecting and preventing fraudulent operations on cards, and submit a report on the results of that review to the bank’s management, in addition to the fact that the bank must also provide A copy of this report for the Central Bank, accompanied by an action plan for making improvements by December 30, 2021, and a copy of the report sent to the email of the Central Bank under the title “Report on the detection and prevention of card fraud.”

According to the circular, banks must send to the Central Bank quarterly reports containing statistical data on cases of fraud through cards, so that these reports include statistics indicating the prevailing trends in fraud through cards and the measures taken by the bank, in addition to that These reports should cover all quarters of the year, starting with a report on the fourth quarter of 2021, due to be submitted in the first quarter of 2022.

The Central Bank stressed the importance of banks working to increase customers’ awareness of the methods used in attempts to carry out fraudulent activities, and to ensure that they are not exposed to deception that makes them overlook fraudulent activities on their cards.

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