QIIB has implemented ‘IBM Safer Payments’ to deliver cross-channel fraud prevention to offer increased security to its customers. IBM Safer Payments is a data science-based payment fraud prevention solution that is designed to allow banks to intercept fraudulent activities before they happen, while ensuring customers’ genuine transactions are processed smoothly.
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.
“Data science is revolutionising fraud prevention,” said Mejdi el-Khater, country manager at IBM Qatar. “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.”
“IBM Safer Payments is also PCI PA-DSS certified,” added Hesham Mohameden, chief information security officer for QIIB. “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.”
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