Commercialbank, Qatar's leading card services provider, in a ceremony held at Grand Regency hotel honored Col. Musfir Al Ahbabi, Head of the Anti Economic Crimes division of the Ministry of Interior.
Mr.Abdulla Al Raisi, Head of Government Relations at Commercialbank, thanked the Colonel and his team for their co operation with the bank's Credit Card Fraud Department, that helped in arresting 17 individuals in 2005. The highlight of these cases was the arrest of 5 Asian nationals and the recovery of 165 counterfeit cards, the biggest arrest and card recovery case in the GCC region for 2005.
In his turn, Colonel Al-Ahbabi thanked Commercialbank for its assistance and cooperation in coordinating these arrests and assured Commercialbank of their department's support in combatting card fraud with the upcoming Asian Games. He stated that the Ministry of Interior and his department's main role is to serve the country by keeping it safe for all residents: Qataris and expats.
Representatives of Visa International & MasterCard International presented certificates of appreciation to the Anti Economic Crimes division team and
Commercialbank staff, Shivanka De Zoysa (Manager Card Fraud), Alia Odeh and Gerald Sotomango (Card Fraud Analyst) for their efforts in combatting card crime.
The ceremony that was preceded by a Qatar Fraud Forum, sponsored by Commercialbank. The Forum included presentations on Card Fraud from Visa and Mastercard International to a selected audience of other banks operating in Qatar.
On this occasion, Commercialbank confirmed that earlier this year it successfully completed the installation of new security technology to provide greater protection for its customers and business partners against card fraud.
Joseph Manu, Commercialbank's Head of Cards, said, "For many years, we have set the standard for Qatar's cards market. The new POS machines are the latest in a long line of innovations which we are proud to have introduced in Qatar for the benefit of our customers and business partners."
Commercialbank, which manages over 70% of cards transactions in Qatar, has replaced its entire network of Point-Of-Sale (POS) terminals with new generation machines which are chip enabled and comply with the latest EMV (Euro Mastercard Visa) standard.
The Central Bank of Qatar has decreed that all banks are to comply with the EMV standard by 31 January 2006. Commercialbank was the first bank to comply with this initiative.
Mr. Manu added, "We are delighted that we have successfully completed this project smoothly and well within the time-frame laid down by Qatar Central Bank."
Commercialbank introduced the first electronic card readers in Qatar in 1991 and operates Qatar's largest network of POS machines. The volume of card transactions conducted using Commercialbank's card payments network, has doubled in 2005.
Commercialbank is recognised as a leading innovator in Qatar's banking industry. In 2000, Commercialbank launched "chip" debit and ATM cards in Qatar and became the first bank in the Middle East to use this high-security technology.
"Chip" cards store data in digital format, which is significantly more secure than magnetic stripe cards.
Commercialbank's installation of new POS terminals enables "chip" credit cards to replace all remaining magnetic stripe credit cards.
-Ends-
About Commercialbank
Commercialbank was established in 1975 as the first private-sector Bank in Qatar.
For the year ending 31st December 2005, Commercialbank achieved a net profit of QR 750 million, an increased of 117% over the same period of previous year. Total assets increased from QR12.9 billion at the end of December 2004 to QR 22.2billion at the end of December 2005.
With a long term deposit rating of A1 from the international credit rating agency Moody's, Commercialbank's sustained track record of profitable operations for 30 years has been supported by a diversified revenue structure, good asset quality, diversified funding sources and strong capital base.
The bank has invested significantly to upgrade customer-facing technologies and enhance its branch network. In 2005 Commercialbank continued the development of its international profile with the acquisition of a 34.85% interest in National Bank of Oman (NBO).
Commercialbank is a committed supporter of the Qatari community, lending its support for local charities, the arts and sports.
For further information please contact:
Alex Blake-Milton
Executive General Manager and Chief Corporate Communications Officer
Tel: +974.4490560
Fax: +974.5575604
E-mail: alex.bm@cbq.com.qa
Farid Trabulsi
PR and Communications Manager
Tel: +974.4490299
Fax: +9745829043
E-mail: ftrabulsi@cbq.com.qa
Website: www.cbq.com.qa
© Press Release 2006
