Qatar International Islamic Bank picks IBM for fraud prevention
Qatar International Islamic Bank (QIIB) has selected IBM and its Safer Payments fraud prevention solution to boost security on the bank’s mobile and online banking channels.
IBM claims that its Safer Payments solution enables banks to “intercept fraudulent activities before they happen”.
Abdulbasit Al Shaibei, CEO of QIIB, says that protecting customer trust in the bank is key to its success: “We put security front and centre, so they can be sure their money and personal information is well-protected.”
He adds: “With IBM Safer Payments, we are stepping up this protection, analysing every transaction in real-time, but without sacrificing the customer experience.”
IBM says that it will provide QIIB with analysis on fraudulent patterns, predictions and alerts, and will identify emerging fraud threats, recommending countermeasure responses.
“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,” says Mejdi El Khater, country manager for IBM Qatar.
“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.”
Founded in 1991, QIIB offers personal, corporate and Islamic banking services. It currently runs FusionBanking Essence Islamic at the core, supplied by Finastra (Misys at the time of implementation).
The bank signed an extension with the vendor back in January 2017. It also runs FusionBanking Equation, and Trade Innovation for trade finance.