Commercial Bank, Qatar’s most innovative digital bank, has won “The Most Outstanding Innovation in Fraud Detection award in the world” from Global Finance.
Global Finance has named outstanding innovations in finance in several categories as part of its annual Innovators Awards for 2022. This is Global Finance’s 10th annual awards program, recognizing entities that regularly identify new paths and design new innovative tools in finance.
Commercial Bank won this prestigious award in recognition of its secure digital service, the first of its kind in Qatar, “CBsafe ID”.
The bank has created a way for customers to regain control when trying to validate if the caller is genuine and calling from the bank. Through the CBQ mobile app, customers are able to identify legitimate calls from the bank, ensuring the authenticity of the caller and reducing the risk of a fraudster misleading them. This is a simple process where the bank agent, before calling, initiates a push notification to the customer’s registered mobile number, to inform them that the bank is about to call.
Then the commercial bank agent calls the customers and speaks the CBsafe ID number displayed on the customer’s CB mobile banking app login screen, which in turn confirms the authenticity of the caller.
The dynamic nature of CBsafe ID provides an additional layer of protection to the service which makes it safer to use. The code creates a new dynamic password each time the CBsafe ID is used.
Joseph D Giarraputo, Publisher and Editorial Director of Global Finance said: “The past two years have clearly demonstrated the importance of adaptability and innovation. Banks and fintechs have played a central role in maintaining economic stability, and those that have been the most innovative have been the most successful.
“We proudly recognize the innovation leaders who are shaping the future of finance. All selections were made by the Global Finance editorial board with input from journalists who are experts in the roles these innovators perform.”
Commenting on the award, Commercial Bank’s GCEO, Joseph Abraham, said: “Commercial Bank’s goal is to continually ensure that our products and services are responsive to the changing external environment. CBsafe ID was created to give our customers some confidence when receiving calls from the Bank, especially given the significant increase in fraudulent calls. This in-house innovation is part of our concern for customer experience and innovation”.
Shahnawaz Rashid, Executive Managing Director and Head (Retail Banking) of Commercial Banking, said, “Commercial Banking has wisely built on the strong demand for smartphone-enabled digital solutions with innovative and customer-centric approaches. , keeping customer safety in mind. information and accounts.
“The innovative CBsafe ID solution allows customers to validate if the caller is actually calling from the bank, allowing them to easily detect any fraudulent activity. We have been focused on creativity and innovation, driven by increased security for clients, and we are delighted that our efforts have been recognized globally by a trusted international magazine like Global Finance.”
Commercial Bank will continue to bring the latest innovations to customers while providing appropriate advice and education on new products and services, he said. Believing that anything is possible, the bank aims to dominate the market by offering innovative digital offerings that provide an excellent customer experience.