PRM equips QNB with robust workflow management capabilities to combat fraud
Doha: Qatar National Bank (QNB), the country's premier financial institution, recently conducted Proactive Risk Management intensive training for Merchant Fraud, Debit and Credit Card fraud detection.
The training programmes, conducted with tailored PRM Systems supplied by ACI Worldwide, provided complete fraud detection solutions for the merchant acquiring and processing as well as online and offline card environments.
The cutting-edge PRM system paves the way for QNB to minimise operational risk and maximise profitability through fraud loss savings and improved customer service.
In his comments on the PRM and the training, Mr. Douglas Beckett, General Manager, Retail Banking, said: "We at QNB passionately believe that technology plays an important role in transforming the banking experience by improving the customer, employee and operational experiences. The PRM training was part of this belief as it helped in bridging the gap between desire and outcome, as well as technology and results."
"Customers will feel secure about their money, backed by the innovative technology that is in place at QNB. The robust secure platform helps QNB in building upon the fraud expertise of the employees by allowing the creation of real time rules" Mr. Beckett added.
Speaking about PRM and the training, Eve Mattock, Contact Centre Manager (QNB Retail Marketing), said: "When QNB began looking for a solution to protect the Bank and its customers from card fraud, they knew they needed products that would give reviewers/analysts warnings within seconds of attempted fraud. For us, the most important condition for selecting a fraud detection system was the ability to track and report fraudulent transactions online in real time. PRM provided us with such a solution."
"As for the training, it provided teams and managers with a step-by-step process for managing innovative risks in an effective cross-functional manner. With PRM, fraud models can now be updated or retrained to adapt to new and existing fraud patterns, providing a cost-effective solution for combating the same. QNB can now boast of a powerful blend of cost-effective, rapidly implemented solutions laying the groundwork for future innovation," Ms Mattock added.
Voicing his views, Mr. Mohammed Muhannadi, Head of PRM, said: "It is important that we reduce possible losses at the Bank but even more important is that our customers feel safe with the knowledge that we will do everything that we can to protect them and their money."
The solutions also provide early warning of suspect activity with powerful and accurate network models, thereby reducing the fraud and limiting its impact. It also captures and maintains statistical data on queue status, reviewer and model performance to provide valuable fraud management information.
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About QNB
QNB was established in 1964 as the country's first Qatari-owned commercial bank. The ownership structure is split between the Government of Qatar (50%) and the private sector (50%). QNB has grown to become the largest bank in Qatar controlling assets representing approximately 50% of the total banking system. QNB has the largest distribution network in the country with 32 local branches and offices, two international branches in London and Paris and 73 ATM's. QNB provides a full range of commercial banking activities for individuals, corporate institutions and government entities and the Bank's scope of products, services and delivery channels across all disciplines is unrivalled.
QNB has the highest credit rating among Qatari banks from leading rating agencies including Moody's, Fitch and Capital Intelligence. QNB is among the top 10 regional banks by Shareholders' Equity, with a ranking of 7th among the largest GCC banks as per MEES survey in September 2004. Internationally, it is ranked as 77th among the Top 250 Emerging Market Banks as per Euromoney survey in August 2004. Additionally, QNB has been the recipient of the award "Best Bank in Qatar" from leading international financial publications including: The Banker, Euromoney and Global Finance. On 3rd June 2005, QNB received 'The Best Debt House' award from Euromoney magazine.
For more information please contact:
Ali Saado Abdul Ghani
Manager, Public Relations
Corporate Communication
Office: (+974) 4407470
Mobile: (+974) 5505729
Email: ali.ghani@qnb.com.qa
© Press Release 2006
