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QIIB selects IBM Safer Payments to advance fraud prevention

QIIBQatar International Islamic Bank (QIIB) has selected IBM Safer Payments and has implemented the solution which provides a cross-channel fraud prevention approach, thereby enabling more security for the bank’s customers.

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, 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 further mentioned.

QIIB is a privately-owned Islamic bank in the State of Qatar offering personal and corporate Islamic banking solutions. Established in 1991, the bank offers Shariaa compliant deposits, finance and insurance products.

“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 added.

IBM’s cognitive fraud prevention solution provides analysis on fraudulent patterns, predicts and alerts the bank of emerging fraud threats, and recommends countermeasure responses. It uses financial and non-financial data with the customer’s transaction history to perform rigorous authentication on every transaction in real-time.

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