OAB adds online security for credit card customers
Oman Arab Bank rolls out 3D Secure Services to protect customers online
Oman Arab Bank (OAB) is set to launch 3D Secure Services for its credit card holders.
The 3D-Secure Service, which is being provided by electronic payments processor Arab Financial Services (AFS), will give card holders added security for online shopping and reduce the risk of fraud.
The system uses a password which is set by the user, and known only to them. The merchant does not hold this password, so there is far less risk of hackers being able to steal card details from the merchant and then use online. It is also safer for the user as the number is not stored on the card, so lost or stolen physical cards cannot be used for internet transactions without the password.
Hisham Abdul Hadi, Head of Card Center of Oman Arab Bank said: "OAB's vision is -to be pioneers in introducing the latest electronic banking systems and services in the country. In line with our vision, we are constantly evaluating new technologies that would allow us to deliver world-class services to our customers in a friendly and safe manner. With the ever increasing number of internet transactions, it was logical to introduce the 3D-Secure services for our credit card holders. AFS has been a trusted partner of OAB for many years and it was only natural to extend our relationship with them with 3D-Secure service."
B Chandrasekhar, CEO of AFS CEO added: ."AFS has maintained its leadership position in the payment card industry because of its ‘ear-to-the-ground' approach. All our services have developed and evolved in partnership with our customers. The revenues from card transactions on internet, to a Bank, can be significant if the inherent risks of online transactions can managed well. 3D-Secure service from AFS is an effort to increase a Bank's profitability and at the same time mitigating the risk associated with it. OAB is a valued customer of AFS for many years. We thank OAB for giving us another opportunity to partner them and wish them the very best in their endeavor."