Educating merchants on fraudster techniques key to eliminating fraud
Bahrain’s first credit issuer and acquirer CrediMax reaffirmed its support to Visa’s ongoing initiative to combat electronic payment fraud throughout the GCC when it was able to bring to justice nine fraudsters operating in the Kingdom of Bahrain in 2006. To celebrate this achievement and its significance to the integrity and security of the payment industry, Visa recently held a ceremony to recognise the efforts of CrediMax and several merchants.
Due to the unified efforts of Visa, its member bank CrediMax and law enforcement, committed merchants in sectors which fraudsters are most likely to purchase from have undergone extensive training sessions to recognise fraudster behaviour and understand the security features of the cards in circulation in addition to effective reporting procedures designed to apprehend fraudsters successfully.
Mohammed Redha Al Aali, Head of Card Security, CrediMax pointed to the fact that the company’s proactive efforts to train merchants was borne out of the fact that merchants come into direct contact with fraudsters and therefore had the most important role to play in countering fraud in Bahrain. He said, “We decided to combat card fraud by collaborating with all parties involved in the payment card industry including merchants, police, prosecution, court, issuers, acquirers and card associations. We believe that merchants have a key role to play in combating fraud and so we have introduced several initiatives to raise awareness and sharpen their skills for recognising high-risk situations, which we feel is effective in combating fraud.”
In 2006, fraudsters were brought to justice when they attempted to purchase gold jewellery from several outlets in Bahrain. The collective efforts of CrediMax and merchants have led to the capture of more than nine fraudsters, utilising more than 61 counterfeit cards and several stolen cards.
Wissam Abed, Fraud Control Manager at Visa International Middle East said “Visa is committed to extending the efficiencies of electronic payments to the Bahraini community and economy. Electronic payments bring greater transparency and attract capital and consumers to the banking system. When coupled with the safe and secure use of these systems, electronic payment systems can play a critical role in helping small business grow. In this respect, we hope that our fraud control efforts will make a valuable contribution to the development of the banking industry and increasing its security.”
As part of Visa’s role in fraud control initiatives across the Middle East, Visa also regularly hosts fraud control forums across the GCC for banks, risk specialists, merchants and media to present the latest trends in payment card fraud and share the best practices in combating these trends in each country.
