| 15 Mar 2010 |
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MasterCard Congratulates KFH for Being Kuwait's First Bank to Introduce MasterCard SecureCode for Cardholders and Merchants
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KFHKFH
Credit /Prepaid cardholders can now choose their very own unique password for safer Internet transactionsKuwait Finance HouseKuwait Finance House (KFHKFH), the region's leading Islamic bank, has become the first bank in Kuwait to introduce MasterCard® SecureCode™, a technological platform which provides enhanced security standards for both acquiring and issuing transactions.
MasterCard SecureCode is a simple and secure way for KFHKFH's MasterCard credit and prepaid cardholders to pay at thousands of online stores while adding an extra security layer. A private code, known only to the cardholders and the bank, is provided to KFHKFH's MasterCard credit and prepaid cardholders to enhance their accounts by protecting them against unauthorized use of their cards when shopping online at participating online retailers.
KFHKFH is also the first bank in Kuwait to use MasterCard Internet Gateway Service (MiGS) as a payment platform for secured issuing and acquiring processes. MiGS ensures safe and secure online transactions for a wide range of payment transactions. All transactions used to make online purchases are now processed through MiGS and settled by the bank of choice.
"Implementing MasterCard SecureCode gives our MasterCard cardholders a secure online shopping experience at millions of online stores without leaving the comfort of home," said Mr. Moahmmed Fouzan, Assistant General Manager- Banking Sector, Kuwait Finance HouseKuwait Finance House
. "Cardholders can easily register for the MasterCard SecureCode Service at KFHKFH Online free of charge, to make sure their e-commerce transactions are safer than ever before." Mr. Julio Lobo, Director- Banking Cards Department, Kuwait Finance HouseKuwait Finance House said: "Shopping on the internet is now a common trend for our customers as it is just as convenient as shopping at conventional stores. The new MasterCard SecureCode Service enables cardholders to use a password with their KFHKFH MasterCard credit and prepaid cards, giving them an added assurance while making purchases over the web."
With the implementation of this secure platform, KFHKFH
continues to introduce tailor-made products and services aimed at meeting clients' needs and lifestyle requirements. As a leading provider of internet payment solutions in the region, KFHKFH is committed to develop world-class internet payment services to facilitate customers' payment needs. MasterCard MiGS provides KFHKFH's merchants with secure platform to enable credit card payment processing across multiple acquirers and on global basis. "KFHKFH is amongst the Middle East's leading financial institutions providing cutting edge payment solutions for cardholders and merchants. We are delighted to collaborate with KFHKFH to introduce MasterCard SecureCode for the first time in Kuwait. MasterCard SecureCode enhances financial institutions' offering and allows service providers to offer cardholders a secure and convenient shopping experience at participating on-line retailers. A private code means added protection and peace of mind," said Mr. Raghu Malhotra, General Manager, Middle East (Gulf Countries), MasterCard Worldwide. "Additionally, as e-commerce gains momentum in the region, merchants and financial institutions need a secure, convenient and robust payment solution. Besides fulfilling this need, MiGS also provides merchants with valuable tools for day-to-day management of their e-commerce transactions and reduces operating costs for the banks."
"The cutting edge technology and plug and play model of MiGS enables the merchant to provide faster and more secure transaction processing. MiGS provides customers with robust, world-class e-commerce capabilities," he added.
-Ends-
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