United Arab Emirates (UAE) are going to apply chip and pin cards by Lloyds TSB in response to the recent wave of card skimming that hit many banks in the region earlier.
The bank said it had accelerated its rollout of the technology due to a recent spate of fraud in the Gulf state. Lloyds TSB’s intelligent fraud monitoring system will enable the bank to contact the customer to verify whether or not a transaction is authentic.
Intelligent fraud monitoring system is designed to oversee transaction activity on client accounts and highlight any deviation from usual spending patterns. Lloyds TSB Middle East’s consumer banking director Richard Musty said chip and pin will offer clients more payment security and improved fraud protection.
“Furthermore, our sophisticated fraud monitoring system will give us an early warning signal to potential fraudulent activity so we will be able to proactively tackle it,” says Richard Musty.
L.D.