UAE banks will be asked to bring in chip and pin security for credit cards…
Banks in the UAE will be asked to introduce chip and pin technology to replace the existing magnetic strip-powered cards to reduce the risk of debit and credit card frauds, the UAE Central Bank said yesterday.
"This is in line with global industry trends. The introduction of such technology has proved to be extremely successful in other parts of the world in reducing card fraud, particularly in Europe," the central bank said.
The move just a week after Dubai Police urged banks to issue credits cards with pin codes for all transactions as fraud cases had more than doubled in the last year.
Major General Khamis Mattar Al Mazeina, Deputy Commandant-General of Dubai Police, urged banks to issue pin codes for the credit cards to reduce the risks of fraud.
"Financial fraud crimes are on the increase due to the technology boom which has led to an increase in financial electronic transactions and consequently given an opportunity to criminals to invent new ways to carry out frauds especially on credit cards.
Therefore having pin codes for credit cards will be an important preventive measure and will help reduce the risks of fraud in the country," he said.