QIIB deepens security commitment with IBM Safer Payments

Deepening its cross-channel fraud prevention, QIIB has implemented ‘IBM Safer Payments’, enhancing security for customers within Qatar. 

IBM Safer Payments is a data science-based payment fraud prevention solution that allows banks to intercept fraudulent activities before they happen, while ensuring customers’ genuine transactions are processed smoothly.

Dr Abdulbasit Ahmad al-Shaibei, CEO of QIIB commented: “Protecting our customers’ trust in us is key to our success and we put security front and centre, so they can be sure their money and personal information is well protected. With IBM Safer Payments, we are stepping up this protection, analysing every transaction in real-time, but without sacrificing the customer experience. 

“We have invested carefully in technology solutions and through our co-operation with IBM we hope that we will take efficiency to a new level. We always depend on efficiency to enhance our cybersecurity leadership and meet the requirements of technical developments in the banking sector according to the latest global trends.”

Through its artificial intelligence and machine learning capabilities, IBM Safer Payments provides QIIB analysis on fraudulent patterns, predicts and alerts the bank of emerging fraud threats, and recommends countermeasure responses. 

It also uses both financial and non-financial data, together with a customer’s transaction history to perform rigorous authentication on every transaction in real-time. This allows fraudulent transactions to be quickly identified and stopped until further validation is carried out.

Mejdi el-Khater, country manager, IBM Qatar added: “Data science is revolutionising fraud prevention. Banks and financial institutions across the world are embracing artificial intelligence to enable frictionless payments while maintaining high fraud detection rates.

“Through the implementation of IBM Safer Payments, QIIB is able to detect and reduce fraud across any of its payment channels and keep false alarms to a minimum.”

Hesham Mohameden, chief information security officer, QIIB concluded: “IBM Safer Payments is also PCI PA-DSS certified, this implies that the highest standard of data security and data consistence of the payment industry are maintained and ensures that all development and quality assurance processes are in line with the highest standards as well.”