Banks pinned down

Police urge Dubai banks to issue credit cards with pins to prevent more fraud cases…

Police are pushing the emirate’s banks to look after their customers after bank fraud cases in Dubai doubled in 2008.

Major General Khamis Mattar Al Mazeina, Deputy Commandant General of Dubai Police, has urged banks to issue pin codes for the credit cards to reduce 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," said Al Mazeina.

The statement was made at a seminar on safety and security on financial and electronic transactions, organised by Dubai Police and attended by representatives of the UAE Central Bank, major banks and Dubai Court and Public prosecution.

Currently, credit cards in the UAE do not have pin codes and the only means of approving the transaction is by signing the transaction receipt. This means that if a credit card is lost or stolen it could easily be misused.

If banks introduce a pin code for credit cards, the transaction will only be authorised after the cardholder enters his or her pin code.

Credit and debit card fraud cases have more than doubled last year, where they went up from 32 registered cases in 2007 to 65 cases in 2008.

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