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UAE: New instructions to protect bank cards, starting from December 1

The Central Bank stressed the need to implement it as of the first of next December, according to a circular signed by the Governor of the Bank, Khaled Muhammad Balama, which he 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 added that banks must ensure that their approved risk management systems and information technology controls are strong enough to detect unauthorized transactions made on credit and debit cards, and banks must have systems that ensure that such transactions are stopped immediately before conducting No money transfer.

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