MashreqBank and Visa International acknowledged Dubai-based Al Atheer Jewellery and the owner, UAE national, Haji Abbas, for setting an example in assisting law enforcement agencies to combat credit card fraud and arrest of criminal gang, active in the UAE. The efforts put in by Al Atheer jewellery have contributed in saving potential losses of thousands of dollars. The merchant received spot rewards from MashreqBank and a recognition certificate from Visa risk management team.
Haji Abbas took a pro-active role in informing law enforcement authorities of suspicious activities on the part of jewellery purchasers in his store. He also took it upon himself to stall the criminals pending the arrival of police officials to arrest them.
“This sets an example towards other merchants that they also can play a vital role in helping, combat card crime by remaining vigilant and cooperating actively with local law enforcement agencies,” said Hassan Mayassi, Head of Acquiring, MashreqBank. “Consistent vigilance and speed is important in containing card fraud and providing a secure environment for consumers and merchants to transact.”
Mashreqbank’s Fraud Management Unit enhanced its operations in 2002 with specific initiatives including Code 11 security measure, which has significantly helped combat counterfeit card fraud. Code 11 is now becoming an industry standard as many acquirers around the region have followed Mashreqbank’s footsteps in adopting this enhanced risk management measure.
Alan Perkins, head of risk management Middle East at Visa International said, “Visa works on an industry wide level to support banks, members and local police in fraud detection and prevention initiatives. We are very pleased to see that merchant training initiatives such as those carried out by MashreqBank, are bearing fruit and leading to the capture of criminal gangs. We thank all concerned for their help in successfully preventing fraud in the local market.”
Being one of the largest acquirer in UAE, Mashreqbank conducts comprehensive training for all its merchants twice in a year to better equip them with anti-fraud initiatives. Fraud awareness training has also been made mandatory for all new merchants before they start accepting cards at their outlet. Additionally, periodic training sessions are conducted on a case-to-case basis especially with new product or technology introductions.
