New chip cards to offer enhanced security and range of benefits to cardholders
MUSCAT -- BankDhofar introduces Oman's first chip credit card. This technologically advanced full-option Chip Card is the latest in banking security technologies and offers multiple benefits to customers. The new Chip Card will offer BankDhofar's credit cards users complete security and greatly shorten the process of fraud detection.
The Dynamic Data Authentication process enables cardholders to use their credit cards without the fear of fraud or theft. Now every transaction that a customer makes will need to be authenticated based on their PIN number. The merchant will have to insert the chip credit card into a post-terminal and request customers to enter their PIN, thereby validating their identity. It is only after this process that the transaction is approved and processed
According to Ahmed al Shanfari, CEO, BankDhofar, "We are very pleased to offer our consumers cutting edge of technology and service through the introduction of our new credit card with advanced chip security. Our endeavour has always been to offer our customers the most up-to-date banking services and products, while maintaining the highest standards of security.
We are proud to be driving Oman's credit card payment industry to a higher security platform. This milestone reflects the huge investment we have made towards ensuring that our customers get the very best products and services that the banking and financial industry in Oman has to offer." Mudit Saxena, Head of Consumer Banking, BankDhofar commented, "These heightened security features of the card will boost BankDhofar credit cardholders' confidence and encourage them to make greater use of their cards without fear of fraud or loss through theft. We intend to replace all our existing credit cards with magnetic-stripe with the new credit card that posses the enhanced chip security feature. This new Chip Cards and PIN technology ensures the maximum protection against fraud through theft, counterfeiting or loss for us, as the issuing bank and for our customers,"
The move to chip card technology is the latest innovation in the rapidly-changing debit and credit card environment, and demonstrates the industry's efforts to further secure electronic payments. Already tested, proven and in wide use around the world, chip cards provide unparalleled security for the payment card industry. Chip cards are plastic cards with an embedded computer chip that provides the ultimate protection against counterfeit and lost and stolen card fraud. In addition to providing increased security, the innovative technology behind the chip card also affords both merchants and cardholders greater convenience at points-of-sale.
Over the years, BankDhofar has developed a reputation for commitment, foresight and remarkable, yet solid growth. BankDhofar's service platform is based on progressive technology and delivered by professional, competent and approachable staff. With a philosophy of "Customer First" it is a full service bank engaged in providing a host of innovative products and personalised services to local and international retail and corporate clients through a network of 48 branches and 85 ATMs across the Sultanate.
By Staff Reporter
© Oman Daily Observer 2007
