Commercial Bank feted for its innovation in fraud detection

Tribune News Network Doha Commercial Bank, the most innovative digital bank in Qatar, won “The Most Outstanding Innovation in Fraud Detection award in the ...

Tribune News NetworkDohaCommercial Bank, the most innovative digital bank in Qatar, won “The Most Outstanding Innovation in Fraud Detection award in the world” by Global Finance. Global Finance has named outstanding innovations in Finances across multiple categories as part of its annual Innovators Awards for 2022. This is Global Finance’s tenth annual awards program recognizing entities that regularly identify new paths and design innovative new tools in finance. Commercial Bank achieved this prestigious award in recognition of its first of its kind digitally secure service in Qatar “CBsafe ID”. The bank has created a way for customers to take back control when trying to validate if the caller is genuine and calling from the bank. Using the CBQ Mobile App, customers are able to identify legitimate calls from the bank, ensuring the authenticity of the caller and therefore reducing the chances of a fraudster tricking them. It 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 out 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 extra protective layer to the service that makes it more secure to use. The code creates a new dynamic password each time CBsafe ID is used.Joseph D. Giarraputo, Publisher and Editorial Director of Global Finance said: “The past two years have clearly proven the importance of adaptability and innovation. Banks and fintechs played a central role in maintaining economic stability, and those that were most innovative were the most successful. We proudly recognize the innovation leaders that are forging the future of finance. All selections were made by the editorial board of Global Finance with the input of reporters who are experts on the functions being served by these innovators”.Commenting on this award, Commercial Bank’s GCEO, Joseph Abraham, said: “It is the aim of Commercial Bank to constantly ensure our products and services are relevant to the changing external environment. CBsafe ID was created to ensure our clients have a measure of confidence when receiving calls from the bank especially given the significant increase in scam calls. This home-grown innovation is part of our focus on client experience and innovation”. Furthermore, Shahnawaz Rashid, EGM, Head of Retail Banking in Commercial Bank said: “Commercial Bank has wisely built on the high demand on digital smart-phone-friendly solutions with innovative and client-centric approaches, bearing in mind the safety of customers’ information and accounts. CBsafe ID innovative solution allows customers to validate if the caller is genuinely calling from the bank, therefore allowing them to easily detect any fraudulent activity. Our focus has been on creativity and innovation, driven by enhanced security for customers, 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 innovation to customers while providing proper guidance and education about the new products and services. With a core belief that everything is possible, the bank aims to lead the market by delivering innovative digital offerings that provide excellent customer experience.