Commercial Bank wins “The Most Outstanding Innovation in Fraud Detection in the world” award from Global Finance
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 across multiple categories in its annual Innovators Awards for 2022. This is Global Finance’s tenth annual awards program recognizing entities that consistently identify new paths and design new tools innovations in finance.
The Commercial Bank won this prestigious award in recognition of its first secure digital service 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. Using the CBQ mobile app, customers are able to identify legitimate Bank calls, 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 extra layer of protection to the service that 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”.
Further, Shahnawaz Rashid, EGM, Head of Retail Banking in Commercial Banking said, “Commercial Banking has wisely built on the strong demand for smartphone-enabled digital solutions with innovative and customer-centric approaches. keeping in mind the security of customer information and accounts.The innovative CBsafe ID solution allows customers to validate whether the caller is actually calling from the Bank, allowing them to easily detect any fraudulent activity. We are 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 training on new products and services. Convinced that anything is possible, the Bank aims to dominate the market by offering innovative digital offers that provide an excellent customer experience.