Ensuring Trust, Security In A Digital Banking Landscape

In an era where digital advancements redefine the way we manage our finances, ensuring the safety and security of digital banking channels is paramount. Today, we have the privilege of speaking with Abdulla Al-Fadli, the Executive General Manager and Chief Compliance Officer at Commercial Bank, shedding light on the robust measures in place to safeguard customers' assets and personal information.

How safe is Commercial Bank's Digital Banking channels?

Answer: Commercial Bank has invested in robust technology driven controls and solutions, to protect and ensure that your money is“safe”. This is the level of“trust” that we offer customers who bank with us, in addition to ease and convenience in banking.

How can customers be assured that their money is secure?

Answer: We offer best-in-class solutions to customers using multi-factor biometrics (fingerprint, voice or facial recognition) authentication technology. In addition, our fraud monitoring solution is capable to detect, prevent and restrict unauthorized access by analyzing customer behavior patterns.

How does the bank secure customer data and prevent unauthorized access via Digital Banking?

Answer: We employ robust encryption protocols, multi-factor authentication, and regular security audits to safeguard customer data and prevent unauthorized access.

How do you stay updated on the latest trends and techniques used by fraudsters in the digital realm?

Answer: I regularly participate in banking industry forums, attend relevant conferences, and subscribe to threat intelligence feeds to stay abreast of emerging fraud patterns.

Can you describe a specific instance where you successfully detected and mitigated a digital fraud incident?

Answer: Our fraud monitoring solution flagged a suspicious digital banking login attempt. Based on intelligence gathered in real-time, the system restricted access to digital banking, which proactively prevented potential financial exposure to our customer.

How do you balance customer experience with stringent security measures to ensure a seamless banking experience?

Answer: We leverage advanced behavioral analytics to identify genuine user behavior, allowing us to implement effective security measures without compromising on customer experience.

In a world of evolving financial crime fraud threats, how do you ensure that your fraud prevention strategies remain effective over time?

Answer: Our strategy is to“stop criminals at the door” by optimizing our fraud solution in real-time by enhancing controls and tracking performance to address rapid evolving threats.

How do you educate bank employees and customers about potential digital fraud risks and preventive measures?

Answer: We conduct regular training sessions bank-wide for all our employees, educating them on the latest fraud trends. Additionally, for CB customers a fraud awareness campaign #CBSafe is launched using SMS, Emails, Social media channels & our website to educate and empower customers to recognize and report suspicious activities.

What role does collaboration with Law Enforcement agencies play in your strategy for combating digital fraud?

Answer: We maintain strong partnerships with Law Enforcement agencies in Qatar, sharing knowledge and intelligence whilst collaborating on investigations to ensure a coordinated effort to combat financial crimes.

How does the Bank balance the need for real-time fraud detection with the risk of false positives impacting legitimate transactions?

Answer: Our enterprise fraud monitoring solutions are optimized on a regular basis to minimize false positives using data analytics, ensuring high level of accuracy in identifying fraudulent activities.

What role does customer feedback play in refining and improving your digital fraud prevention strategies?

Answer: Customer feedback is invaluable in identifying potential vulnerabilities and improving customer experience. We actively seek and analyze customer inputs to enhance our fraud prevention strategies.

What are the latest fraud threats or scams targeting digital Banking customers?

Answer: In an attempt to steal your money, scammers will contact you by phone, email or SMS requesting you to share your banking and personal credentials whilst pretending to be an employee of the bank.

How can a customer identify if a call is being received from the bank or a scammer?

Answer:“CBsafe ID” helps you to verify if the caller is genuinely representing CB. You will receive a Push Notification followed by a dynamic 6-digit“CBsafe ID” number on your CB Mobile App. The caller will need to validate the number you possess, so you can determine if it's the bank that is truly calling.

What is your feedback and advise to digital banking customers?

Answer: If a caller requests for a one-time-Password (OTP) sent via“Cb SMS” to be divulged, it is a clear indication of a scam. They may attempt to rationalize the need by claiming your account is blocked. Always remember NOT to share any One Time Passwords (OTP), Card PIN, Username or Password with anyone.

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