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Lloyds TSB To Rollout Chip And Pin For UAE
Lloyds TSB launches chip and pin cards for customers in the United Arab Emirates (UAE) in January following a recent spate of fraud in the Gulf state.
The bank says it accelerated its rollout of the technology in response to the wave of card skimming that hit many banks in the region earlier in the year.
In addition, Lloyds TSB is also adopting an intelligent fraud monitoring system designed to oversee transaction activity on client accounts and highlight any deviation from usual spending patterns. This allows the bank to contact the customer to verify whether or not a transaction is authentic.
Lloyds TSB Middle East`s consumer banking director Richard Musty says chip and pin will offer clients more payment security and improved fraud protection.
"Furthermore, our sophisticated fraud monitoring system will give us an early warning signal to potential fraudulent activity so we will be able to proactively tackle it," he says.
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