Oman Arab Bank launches 3D Secure Services for Credit Card holders

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) January 31, 2012 -- MUSCAT (22 January 2012): Oman Arab Bank (OAB) is renowned for its innovations and leading role in developing domestic e-banking services in Oman. Internet Commerce is now a reality in Oman and Oman Arab Bank was one of the first Banks to anticipate the growth of online transactions and have been continuously upgrading its online services to ensure consumer convenience and protection.
OAB has joined hands with Arab Financial Services (AFS), the leading electronic payment processor of the region, to launch 3D-Secure Services for its Credit Card holders.

On the occasion of signing the agreement, Mr. Hisham Abdul Hadi, Head of Card Center of Oman Arab Bank said: “OAB’s vision is - To be pioneers in introducing the latest electronic banking systems and services in the Country. In line with our vision, we are constantly evaluating new technologies that would allow us to deliver world-class services to our customers in a friendly and safe manner. With the ever increasing number of internet transactions, it was logical to introduce the 3D-Secure services for our credit card holders. AFS has been a trusted partner of OAB for many years and it was only natural to extend our relationship with them with 3D-Secure service.”
With the launch of this service, OAB cardholders will have a decreased risk of other people being able to use their payment cards fraudulently on the Internet. In this implementation, OAB prompts 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” AFS has maintained its leadership position in the payment card industry because of its ‘ear-to-the-ground’ approach. All our services have developed and evolved in partnership with our customers. The revenues from card transactions on internet, to a Bank, can be significant if the inherent risks of online transactions can managed well. 3D-Secure service from AFS is an effort to increase a Bank’s profitability and at the same time mitigating the risk associated with it. OAB is a valued customer of AFS for many years. We thank OAB for giving us another opportunity to partner them and wish them the very best in their endeavor.”

3dSecure     afs     arab     Bahrain     banking     financial     oman     services