HSBC Bank Middle East has deployed a new 3D Secure Service for MasterCard and Visa cards in an effort to enhance security for customers in the UAE.
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The new security service provides cardholders improved protection for online transactions as well as protect their cards against unauthorised usage.
The 3D Secure Service allows customers to shop online securely using their credit and debit cards and adds an extra layer of security at the point where customers need to enter their card information online.
As part of the service, cardholders will be instructed to enter a One Time PIN (OTP) that will be sent to their personal mobile number prior to completing the transaction.
Additionally, the bank will offer ‘Verified by Visa’ (VBV) and MasterCard SecureCode features for its customers based on the type of card they hold.
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By GlobalDataCustomers must register for the service to use any HSBC credit and debit card on participating merchant websites. Currently, HSBC has 145,000 active users on its Internet banking platform.
HSBC Bank Middle East head of retail banking and wealth management UAE and MENA Khalid Elgibaly said: "The new layer of security for our debit and credit cards will enable our customers to experience a safer and a more secure online shopping experience than ever before, giving them more control over their Internet transactions.
"With the GCC e-commerce sector poised to grow 40 percent by 2020 to over $40 billion, and the UAE anticipated to constitute half of this market according to Frost & Sullivan, the need to provide secure methods to make purchases online will continue to remain critical."
