Live Currency Rates
 
  Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Bahraini Saudi, Al Salam Bank Bahrain partners Arab Financial Services  Join our daily free Newsletter

MENAFN Press - 19/02/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN Press) Bahraini Saudi and Al Salam Bank Bahrain partners Arab Financial Services for 3D Secure Services
BAHRAIN (19 February 2012): Bahraini Saudi and Al Salam Bank Bahrain, Al Salam Group is a pioneering Bank in the region and have constantly strived to bring unrivalled convenience to its customers. Bahraini Saudi and Al Salam Bank Bahrain, Al Salam Group have been in the forefront of technology adaption.

Bahraini Saudi and Al Salam Bank Bahrain, Al Salam Group have joined hands with AFS, the leading electronic payment processor of the region, to introduce 3D-Secure Services for its Credit Card holders.

On the occasion of signing the agreement, Mr.A.karim Mohammed Turki, Head of Al Salam Retail Banking Group said: "While Bahraini Saudi and Al Salam Bank Bahrain, Al Salam Group have always endeavored to introduce new services in order to improve customer convenience, we have never lost our sight to the inherent risks associated with such services. We have noticed an increase in the internet transactions and hence we thought it appropriate to secure our cardholders against fraudulent internet transactions. AFS has been a trusted partner of Bahraini Saudi and Al Salam Bank Bahrain, Al Salam Group for many years and it was only natural to extend our relationship with them with 3D-Secure service."

Under this agreement, Bahraini Saudi and Al Salam Bank Bahrain, Al Salam Group cardholders will have a decreased risk of other people being able to use their payment cards fraudulently on the Internet. In this implementation, Bahraini Saudi and Al Salam Bank Bahrain, Al Salam Group prompt the buyer for a password that is known only to the buyer. The merchant does not know this password and is not responsible for capturing it; this is intended to help decrease risk in two ways:

1.Copying card details, either by writing down the numbers on the card itself or by way of modified terminals or ATMs, does not result in the ability to purchase over the Internet because of the additional password, which is not stored on or written on the card.
2.Since the merchant does not capture the password, there is a reduced risk from security incidents at online merchants; while an incident may still result in hackers obtaining other card details, there is no way for them to get the associated password.
AFS CEO Mr. B. Chandrasekhar said:" At AFS, we work closely with our customers in developing new services. 3D-Secure service is a result of our collaboration with our customers. We continue to maintain the leadership position because of support of leading banks like Bahraini Saudi and Al Salam Bank Bahrain, Al Salam Group. We thank Bahraini Saudi and Al Salam Bank Bahrain, Al Salam Group for giving us the opportunity to partner them on their 3D-Secure initiative and look forward to a long and mutually beneficial relationship"


About About Arab Financial Services Company B.S.C. (c)
AFS is the leading Arab company for electronic banking, personal payment instruments and related services. Established in 1984, AFS is in a strong financial position with backing from leading international financial institutions in the Arab world. The company pioneered the concept of outsourcing card processing in the region and was the first company to set-up an end-to-end state-of-the-art card-outsourcing environment in Bahrain. AFS is one of the largest payment card processors in the Middle East and North African regions. AFS is Principal Member of Visa and MasterCard payment associations and an authorized third party processor center. Over 50 banks in the region are connected to AFS's online card management integrated solutions. AFS offers diverse services ranging from 'get-started' to fully-fledged ongoing card processing and related services, assisting banks to issue Visa and MasterCard branded cards to their customers through sponsorship card programs. AFS offers flexible and customized solutions to suit the specific requirements of financial institutions in the region, including full Arabic language functionality.

 






  MENA News Headlines


 
Taqs






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help