IBM RegTech Innovations

Why QIIB trusts IBM Safer Payments for cross-channel fraud prevention

Share this post:

Fraud prevention is about who you can trust. For financial institutions, it’s about understanding the relative risk of a customer, a merchant and/or a transaction, as well as hundreds of different factors including location, amount, device, etc.

But for customers, both actual fraud attacks as well as incorrectly blocked legitimate transactions represent a breach of that trust. In the former instance, the customer trusted the institution to protect them from such attacks, and the fraud took place anyway. Luckily, most jurisdictions have regulations in place to make a customer whole after such an event. But in the latter case, there is an erosion of trust as well.

When a bank or payment processor blocks a legitimate transaction, it creates doubt in the customer that the organization can be counted on to complete their payment. Why would you choose a financial provider that may or may not be able to execute your transaction? In addition to losing share of wallet, the customer may begin to ask, “Why would I bank with a financial institution that doesn’t even know me?”

Why QIIB trusted IBM Safer Payments

Qatar International Islamic Bank (QIIB), one of the Qatar’s leading banks, recently selected IBM to deliver cross-channel fraud prevention to its customers. This supports QIIB’s aim to provide its customers the ability to bank securely while delivering an innovative and positive customer experience.

Many conveniences that customers enjoy with today’s modern banking services carry an increased risk of fraud. Legacy fraud prevention systems were designed to see and stop easily recognizable fraud patterns. However today’s anytime, anywhere banking online and on mobile devices has made fraud detection much more challenging. Banks’ time to respond is also shrinking as real-time payments mean there are just milliseconds to detect and prevent theft before it’s too late.

QIIB understands the importance of providing solutions that meet its customers’ expectations for convenience while also ensuring that state-of-the-art security is in place, capable of withstanding increasingly sophisticated cyber-attacks and large-scale fraud breaches.

To do so, QIIB selected IBM Safer Payments, an advanced fraud payment prevention solution that allows banks to intercept fraudulent activity before it happens, while ensuring customers’ genuine transactions are not stopped in error. IBM Safer Payments uses artificial intelligence and machine learning to analyze behavior and fraudulent patterns. It then builds and adapts predictive models of emerging fraud threats and recommends countermeasure responses.

“QIIB was built on three pillars: trust, family and commitment. Protecting our customers’ trust in us, is key to our success and we put security front and center, so they can be sure their money and personal information is well-protected. With IBM Safer Payments, we are stepping up this protection, analyzing every transaction in real-time, but without sacrificing the customer experience,” said Dr. Abdulbasit Al Shaibei, CEO of QIIB.

Understanding the whole customer

IBM Safer Payments uses both financial and non-financial data together with a customer’s transaction history, to perform rigorous authentication and profiling every transaction. Fraudulent transactions are quickly identified – allowing them to be stopped, or put on hold pending further validation.

“IBM Safer Payments is also PCI PA-DSS certified,” notes Dr. Hesham Mohameden, Chief Information Security Officer. “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.”

“Facilitating safe, secure and fast transactions while eliminating friction through technological advancements is at the core of what we strive to offer our customers,” said Mohamed Elsir Haguo, the Head of the Fraud Management Department. “IBM Safer Payments delivers efficiencies and speed in identifying fraudulent activity.”

Building for the future of financial services

Trust and innovation have always been the corner stone for QIIB’s business model as the bank is keen on reinforcing this value through the innovative digital and electronic banking services. QIIB Mobile Banking and QIIB Internet Banking are premium services that provide efficient transactional banking and at a glance account information. With IBM Safer Payments, QIIB will ensure this innovation and trust is maintained.

To learn more, visit ibm.com/SaferPayments.

More IBM RegTech Innovations stories

FinTech explosion and faster payments drive faster financial crime in 2020 – how can banks respond?

Financial crime isn’t going away, rather it is growing Investment in financial crime prevention solutions for AML, fraud and insurance investigations has been mandated by regulators for decades. But despite the billions already spent, regulatory penalties continue to rise and fraudsters find new ways to steal. In attempts to keep up, financial crimes and fraud […]

Continue reading

Are your compliance levels at floor or ceiling?

Study shows that RegTech delivers relief from burdensome manual processes – 90% of respondents use or are expanding use of RegTech. According to Forrester Research, RegTech – regulatory technology – is the fastest growing category they track. At $4.6 billion in funding, the year-over-year growth rate for the first three quarters of 2019 was 103%. […]

Continue reading

Seven reasons why challenger banks choose IBM Safer Payments

Challenger banks, also referred to as digital banks or “neobanks,”are recently created retail banks competing directly with the longer-established banks. Challenger banks distinguish themselves with modern financial technology practices such as online-only operations that avoid the costs and complexities of traditional banking. This trend first emerged in Europe and has progressively gained traction in all […]

Continue reading