ID :
43720
Mon, 02/02/2009 - 13:21
Auther :
Shortlink :
https://oananews.org//node/43720
The shortlink copeid
Central Bank operates UAESWITCH service
Abu Dhabi, February 2, 2009 (WAM) - Central Bank of the UAE is operating the UAESWITCH service which links the ATM networks of all banks in the UAE. This enables customers of banks to use any ATM in the UAE; the UAESWITCH is also connected to the ATM switch services in other GCC countries, thereby enabling bank customers to carry out cash withdrawals on any ATM in the Gulf countries displaying the GCCNET logo.
A statement from the Central Bank said that the safety and security of transactions through the UAESWITCH is of the highest importance to the Central Bank. The integrity of the system must be trusted by all participants.
Customer card data must be protected against being stolen and used for fraudulent purposes. As a result, the Central Bank appointed a leading international firm of independent consultants to conduct a full review of security measures and carry out a detailed examination of the UAESWITCH systems to determine if the UAESWITCH was compromised by the latest card fraud. This exercise was completed in January 2009 and the conclusion of the exercise was negative, i.e. the UAESWITCH was not compromised.
As a result of this exercise the Central Bank decided to amend some of its protocols and introduce new ones as per the recommendations of the aforementioned specialized international firm and to adopt global Payment Card Industry standards at the UAESWITCH, said the statement.
In line with this, banks in the UAE will be asked to introduce chip and PIN technology to replace the existing magnetic strip technology. This is in line with global industry trends intended to reduce the risk of debit and credit card fraud. The introduction of such technology has proved to be extremely successful in other parts of the world in reducing card fraud, particularly in Europe.
A statement from the Central Bank said that the safety and security of transactions through the UAESWITCH is of the highest importance to the Central Bank. The integrity of the system must be trusted by all participants.
Customer card data must be protected against being stolen and used for fraudulent purposes. As a result, the Central Bank appointed a leading international firm of independent consultants to conduct a full review of security measures and carry out a detailed examination of the UAESWITCH systems to determine if the UAESWITCH was compromised by the latest card fraud. This exercise was completed in January 2009 and the conclusion of the exercise was negative, i.e. the UAESWITCH was not compromised.
As a result of this exercise the Central Bank decided to amend some of its protocols and introduce new ones as per the recommendations of the aforementioned specialized international firm and to adopt global Payment Card Industry standards at the UAESWITCH, said the statement.
In line with this, banks in the UAE will be asked to introduce chip and PIN technology to replace the existing magnetic strip technology. This is in line with global industry trends intended to reduce the risk of debit and credit card fraud. The introduction of such technology has proved to be extremely successful in other parts of the world in reducing card fraud, particularly in Europe.
