HSBC Qatar has put in place increased security against online frauds as part of efforts to protect its credit card customers.

“Electronic crime has been on the increase recently, exposing residents of Qatar to online fraud risks, particularly people who prefer shopping online. We are happy to announce that HSBC successfully launched Master Card SecureCode and Verified by Visa, in Qatar, to counter the risk of unauthorised online credit card purchases and to minimise the risk of fraud against our customers,” Kris Werner, Head of Retail Banking and Wealth Management at HSBC Qatar, said.

Both MasterCard SecureCode and Verified by Visa are features offered by MasterCard and Visa, respectively, which provide an additional layer of security for online credit card transactions.

An SMS code is sent directly to the customer to authorise a specific transaction. The code can only be used once and changes after each online transaction, providing very robust security. This feature is unique to HSBC credit cards in Qatar.

Since the introduction of Master Card SecureCode earlier this year the baksaw fraud activity reduce by over 95%, a HSBC spokesman said, adding “online shopping has become a daily activity for many consumers and it is very important for us at HSBC to continue to invest and strengthen our security technology in order to protect customers from potential fraud.”

 

 

 

 

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