ADIBADIB launches new web guide, giving tips for customers on how to protect themselves against banking fraud at www.adib.ae

Central BankCentral Bank praised for its swift action

Abu Dhabi Islamic Bank (ADIB)Abu Dhabi Islamic Bank (ADIB)

Following information circulated by the UAE Central BankUAE Central Bank about a possible breach of security from outside the country affecting all UAE banks, the bank immediately activated a highest priority fraud prevention plan that quickly identified any customers at increased risk and took the necessary steps to safeguard their banking details.

Security measures which the bank implemented included contacting all customers requesting that they change their PIN number, blocking all withdrawals from ATMs outside the GCC and blocking all card transactions in a defined number of countries outside the GCC, based on information given to the bank about fraudulent activity. The limited number of customers that were identified as being at increased risk were contacted separately and advised that they will be issued with new cards shortly, and requested to change their PINs in the meantime. As an additional safeguard, the bank automatically lowered the daily cash withdrawal limits on the affected customers' accounts, which the customers can increase again by contacting the branches directly.

Mr Tirad Mahmood, CEO of ADIBADIB, comments: "Thanks to the Central BankCentral Bank's swift communication with all the banks in the UAE, ADIBADIB was able to activate an internal plan which has no doubt prevented further abuse of our customers' accounts. While we understand that some customers have been caused some inconvenience by the measures undertaken, these steps have been vital in limiting the exposure of our customers further to these attacks. To date, only a very small number of fraudulent transactions have been reported by customers and are now under investigation. I can confirm that ADIBADIB will fully recompense all customers whose accounts have been subject to fraudulent activity."

ADIBADIB today launches a new section on its website with tips on how customers can better protect themselves from illegal attacks on their bank accounts, now and in the future.

The new website section lists what the bank is doing to safeguard its customers' accounts from fraudulent use, including the recent special security precautions undertaken. In addition the site gives practical advice for customers, such as recommendations to:

• Change their PIN number regularly

• Keep their PIN number to themselves, and not share with anyone else

• Look at all account statements closely

• Sign up for SMS alerts that will be sent whenever any of the customers' ADIBADIB cards are used, giving real-time information about transactions involving their bank accounts.

Mr Mahmood continues: "Unfortunately, we live in an age where this kind of incident we witnessed recently is no longer isolated. From a bank's perspective, it is crucial that we have the most sophisticated systems and trained personnel in place to monitor such situations and take appropriate action where needed. However customers also need to understand they themselves have a role to play as well and that there are small steps they can take to help protect themselves. Only by bank and customer working together will we be able to optimize our ability to defend ourselves from these attempts to defraud our customers of their money."

To find out more about what ADIBADIB is doing to protect its customers, and tips on what customers can do to increase their account security, visit www.adib.ae

-Ends-

Abu Dhabi Islamic Bank (ADIB)Abu Dhabi Islamic Bank (ADIB) was established on 20th May 1997 as a Public Joint Stock Company following the Amiri Decree No. 9 of 1997. The Bank commenced commercial operations on 11th November 1998, and was formally inaugurated by His Highness Sheikh Abdullah Bin Zayed Al Nahyan, on 18th April 1999. The Bank carries out all contracts, operations and transactions in accordance with Islamic Shari'a principles. ADIBADIB commenced its operations with a paid-up capital of AED 1 Billion, where the founding shareholders include Members of the Ruling Family, The Abu Dhabi Investment Authority and Prominent UAE.

ADIBADIB's mission is to offer financial solutions for the global community, and its vision is to become a top tier Islamic financial services group.

ADIBADIB prides itself on its values which reflect the Bank's commitment to the Islamic Shari'a, and the guidelines of the Bank's practices adhere to the principles of Islam. ADIBADIB's value structure consists of Transparency, Quality, Innovation, Professionalism, Social Responsibility and Empowering Its Staff.

For more information please contact:
Ali Dalati/ Sarah Bartlett
Weber Shandwick MENA
Tel: 00-971-2-449-4405
Email: ali.dalati@ws-mena.com
sarah.bartlett@ws-mena.com

© Press Release 2008

 

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