UAE banks are rapidly adopting global best practices in securing online bank accounts and digital payments, industry experts noted on a new report.
Automation of security is the most frequently deployed digital transformation initiative among banks in Europe, the Middle East, and Africa, according to the recent IDC report “The Digital Ready Bank”.
When banking customers access their online bank accounts, make withdrawals or transfer, or use online banking services, they have to enter a password or a PIN sent by SMS. However, these methods are increasingly vulnerable to cybersecurity threats.
“UAE banks are on par with global leaders in deploying more secure multi-factor authentication, such as mobile apps and fobs that generate random numbers or questions,” said Andrew Calthorpe, CEO of the UAE-based digital payment consultancy Condo Protego.
Banks in the UAE are well-positioned, ranking second in the Middle East and Africa in digital readiness, according to the recent AT Kearney report “Banking in a Digital World”.
“Tech-savvy banking customers in the UAE are increasingly banking and purchasing both online and with mobile apps. To meet their safety and security needs, banks are using multi-factor authentication to simplify the customer experience, better measure transaction risk, and prevent cyber-attacks,” added Calthorpe.
For banks that have deployed advanced multi-step authentication, they have reduced fraud attempts by 90 percent, according to global cyber-security firm RSA.
Condo Protego, which advises many of the UAE’s largest banks, is seeing strong demand for RSA SecurID solutions, including hardware and software “tokens”, risk measurement technology that tracts fraud indicators, and solutions that prevent phishing cyber-attacks.
These security solutions are also seeing strong take-up for access to data and working remotely in industry verticals such healthcare, the public sector, and security and defense.
