Burgan launches 3D-secure services for cardholders
KUWAIT, May 6, 2017
Burgan, the youngest commercial bank in Kuwait, has introduced its 3D-Secure services for credit, debit and prepaid cardholders as part of the bank’s efforts to provide a safer and more seamless online shopping experience.
The 3D-Secure is a security protocol which acts as an additional security layer for online credit and debit card transactions, said a statement from Burgan.
With the provision of secure ecommerce transactions, customers are more protected from online financial crime and fraud risks, it stated.
Available for both MasterCard and Visa cards for online transactions, the 3D-Secure transactions are performed with the use of an additional security feature which requires authorisation with the registered password, said the Kuwaiti lender.
The basic concept of the protocol is to tie the financial authorisation process with an online authentication and is available on websites protected by “MasterCard SecureCode” and “Verified by Visa” security systems.
The protective feature enables the bank to authenticate not only the card but also the cardholder during payment of internet purchases thus protecting their online transactions against theft and illegal use of cards, it stated.
Deputy CEO (Kuwait) Raed Al Haqhaq said: "With the growing number of online merchants both locally and internationally alongside rising online consumer shopping rates, the need for providing a solid fortress of online security rises in parallel."
"As we notice higher incidents of world-wide online financial crime, theft, and fraud, we acknowledge our responsibility, as a leading regional financial institution, to provide only the best standards of solutions to our customers, especially in terms of security without jeopardising their banking experience," remarked Al Haqhaq.
"In this respect, Burgan consistently seeks to develop its products and services to align them with its own standards and to those of the local and international banking industry," he added.
According to him, Burgan Bank customers would need to sign in their credentials for 3D-Secure at each online transaction. "He/she would be required to enter their 3D Secure password to complete the transaction process," he noted.
The new value-added service by Burgan is an extension of the brand’s mission to reiterate its commitment to its consumers and proactively meet the needs of an ever-changing market in terms of security, technology, and financial solutions.
It is also yet another clear indication of the bank’s strong position and its commitment to being a progressive leader in the regional financial industry.-TradeArabia News Service
