Cardholders to benefit from an additional layer of security
Dubai, UAE - HSBC Bank Middle East Limited successfully implemented 3D Secure Service for MasterCard and Visa cards, enhancing security for customers in the UAE. The higher level of security offers cardholders enhanced protection for their online transactions and safeguards their cards against misuse. HSBC has 145,000 active users of its Internet banking platform and with the 3D Secure Service customers can shop online securely using their credit and debit cards ensuring peace of mind.
The 3D Secure Service goes a step ahead of the existing card authentication systems by adding an extra layer of security at the point where customers need to enter their card information online. Before completing the purchase, they will be prompted to enter a One Time PIN (OTP) which will be received by the cardholder on their personal mobile number. This number is unique to each transaction and expires seven minutes after a request is made. Thus, by ensuring that the transaction is only successful upon entering this code, the service prevents any unauthorised usage of the customer's card.
Commenting on the service, Khalid Elgibaly, Head of Retail Banking and Wealth Management, UAE and MENA at HSBC Bank Middle East Limited said: "The new layer of security for our debit and credit cards will enable our customers to experience a safer and a more secure online shopping experience than ever before, giving them more control over their Internet transactions. At HSBC, we strongly believe that convenience and security are privileges that should be accessible to everyone, and we have seen that these aspects are valued by all our customers. Online security remains a top priority and our global partnerships help us align with all technological advancements with international best practices.
"With the GCC e-commerce sector poised to grow 40 per cent by 2020 to over $40 billion, and the UAE anticipated to constitute half of this market according to Frost & Sullivan, the need to provide secure methods to make purchases online will continue to remain critical," he added.
Depending on the type of card they hold, customers will benefit from the introduction of the 'Verified by Visa' (VBV) and MasterCard SecureCode features. The registration for this service is mandatory in order to use any HSBC credit and debit card on participating merchant websites. As such, existing cards have been automatically registered and the functions are already enabled for all HSBC cardholders
Building on its position as a bank that provides customers innovative and convenient need-based solutions, the 3D Secure Service adds to HSBC's suite of safety layers, which allow secure Internet banking that provides round-the-clock account monitoring, encryption, and password protection.
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Media enquiries to:
Farah Farooq
+971 56 6867337
farah.farooq@hsbc.com
Natasha Singh
+971 569 936903
Natasha.singh@hsbc.com
Ahmad Othman
+971 50 3069313
ahmad.othman@hsbc.com
HSBC in the MENA Region
HSBC is the largest and most widely represented international banking organisation in the Middle East and North Africa (MENA), with a presence in 11 countries across the region. HSBC has operations in the United Arab Emirates, Egypt, Qatar, Oman, Bahrain, Kuwait, Lebanon, Algeria and the Palestinian Autonomous Area. In Saudi Arabia, HSBC is a 40% shareholder of Saudi British Bank (SABB), and a 49% shareholder of HSBC Saudi Arabia for investment banking in the Kingdom. HSBC also maintains a representative office in Libya.
This presence, the widest reach of any bank in the region, comprises some 267 offices and around 12,000 employees. In the year ending 31st December 2014, HSBC in the MENA region made a profit before tax of US$ 1.8bn.
© Press Release 2015
