Mashreq upgrades online banking

Service includes additional security features and improved ease of use

Tags: Banking and financeCyber crimeE-commerceMashreqUnited Arab Emirates
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Mashreq upgrades online banking Mashreq has added new security features to its online banking service.
By  Mark Sutton Published  February 7, 2011

Mashreq Bank has upgraded its online banking system, to provide better security and ease of use for customers.

The enhanced system has been designed to be simpler to use, and also introduces a one-time password process, that is required when an account user wants to add a new payment beneficiary.

The UAE-based bank said that some of its customer had recently been hit by phishing attacks, and that the improved service would increase the level of protection afford to them.

Gavin Sanderson, head of distribution at Mashreq said: "In recent months, unfortunately a very small number of customers have fallen victims to phishing frauds, where they inadvertently disclosed their personal details to fraudulent websites. With the newly launched enhanced online banking platform carrying additional security feature, customers will have greater protection.

"Mashreq Online enabled over 2 million successful transactions in 2010 and we wish to enhance this convenient channel further as it has become customers' preferred channel, along with Mobile banking because of its convenience.  We recognize and acknowledge the importance of providing online banking which enables customers to feel safe and secure whilst online. We have made the portal simpler, convenient, and have added an extra security feature that will add peace of mind to our customers," he said.

It was reported in December last year that a Mashreq customer was defrauded of $2,700, after his account was compromised and unauthorised credit recharges were made to mobile phones lines not owned by the businessman. Mashreq was also the subject of a phishing warning in July 2010, by FraudWatch, which had detected a scam email targeting Mashreq customers.

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