Condo Protego: UAE banks adopting enhanced digital security
Pointing to a recently released IDC report, the enterprise technology provider highlighted security trends that are captivating financial institutions within the Middle East.
Condo Pretego, a UAE-based enterprise technology provider, recently highlighted a growing shift by UAE banks towards adopting implementing the best technologies and global practices in security.
Pointing to a new report released by the IDC, aptly titled The Digital Ready Bank, Condo Protego pointed out a number of security trends that are being explored in the region.
These include security automation processes, as well as practices, such as bank swap passwords, SMS for safer mobile apps and Fobs.
Furthermore, a recent AT Kearney report title Banking in a Digital World emphasised the readiness of banks in the UAE, ranking them second within the Middle East and Africa.
Andrew Calthorpe, CEO of the UAE-based digital payment consultancy Condo Protego, said: "UAE banks are on par with global leaders in deploying more secure multi-factor authentication, such as mobile apps and fobs that generate random numbers or questions."
He added: "Tech-savvy banking customers in the UAE are increasingly banking and purchasing both online and with mobile apps. To meet their safety and security needs, banks are using multi-factor authentication to simplify the customer experience, better measure transaction risk, and prevent cyber-attacks."
In particular, banks that have adopted the use of advanced multi-step authentication, have reportedly reduced fraud attempts by 90%, according to global cyber-security specialist RSA.