QIIB implements IBM Safer Payments to improve fraud prevention

From: RegTech Analyst

Qatar International Islamic Bank (QIIB) has implemented IBM Safer Payments to improve its cross-channel fraud prevention capabilities.

IBM’s service is a data-based payment fraud prevention service which leverages AI to intercept fraudulent activities before they happen without impacting genuine transactions.

Through this integration, QIIB will be able to access analysis on fraudulent patterns, receive predictions and alerts on emerging fraud threats and get recommends countermeasure responses. The platform combines financial and non-financial data with a customer transaction history to conduct authentication on all transactions in real-time.

QIIB CEO Dr Abdulbasit Ahmad al-Shaibei said, “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.”

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