RIYADH, 17 October 2006 -- A senior American Express executive has cautioned cardholders against the growing number of fraud cases and called on them to secure their cards, especially when traveling to high-risk countries.

Priyan L. Attygalle, chief executive officer of Amex (Saudi Arabia) Ltd., gave his comments during an overview of the Saudi card market with special reference to the plans and promotions launched by Amex.

Attygalle said that the Saudi credit-card market was poised to grow between 30 to 40 percent annually despite the fact that cash still remains the favored method of payment in this country. He also said that the rise in the card crime regionally and globally was worrying. The Amex CEO was speaking to newsmen after an iftar (fast breaking) party hosted by the local Amex office here yesterday.

Referring to the card fraud cases in the Kingdom, Attygalle said the card fraud in Saudi Arabia was lower than all other countries of the region, about SR18 million ($4.8 million) a year according to a report by Euromonitor International. Attygalle called on the customers to secure their cards, especially when they are visiting high-risk countries, such as Thailand, Malaysia, Taiwan, Spain, the United Kingdom and a few more.

"We are also working hand in hand with Visa and MasterCard and we recently had a joint forum to address the common problems," said the Amex CEO. "We have been sending materials to cardholders to educate them about the card fraud."

Attygalle said he appreciated the role of the Saudi Credit Bureau (SCB), which is a joint initiative of the banks to provide services to credit providers. It was set up in line with the vision of the Saudi Arabian Monetary Agency to enhance risk management capability in banking industry. The fraud cases mainly involve stolen and skimmed cards.

"To date, more than one million credit and charged cards are in circulation in Saudi Arabia," said Attygalle.

Asked about the Amex tie-ups with the local banks, he said: "More and more shopping, service and merchant outlets in the Kingdom are accepting our cards."

By M. Ghazanfar Ali Khan

© Arab News 2006