The Central Bank has issued new instructions to banks aimed at protecting credit and debit cards from fraud
The Central Bank issued new instructions to banks aimed at protecting credit and direct debit cards from fraud, stressing the need to implement them as of the first of next December, according to a circular signed by the Governor of the Bank, Khaled Muhammad Balama, sent to all banks and finance companies operating in the country.
The circular, which "Emirates Today" obtained a copy of, stated: "In order to protect banks and their customers from the growing threat of fraudulent transactions made on debit and credit cards, banks must abide by the following instructions by December 1, 2021."
The circular clarified that in the event of unauthorized fraudulent transactions, banks must return the funds to customers in a timely manner, in accordance with the contractual terms that govern the relationship with the concerned customers.
He stressed the banks to ensure that debit and credit card customers are aware of their contractual rights, related to the return of funds in the event of unauthorized transactions.
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