The bank will leverage Mastercard’s advanced AI-based cybersecurity technology to prevent payment fraud
Riyadh: Saudi Awwal Bank (SAB) has partnered with Mastercard to offer consumers across the country greater access to secure digital transactions.
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Through this partnership, SAB will leverage Mastercard Gateway’s advanced Transaction Risk Management technology (TRM) to deliver safe and seamless digital transactions, customer protection from cyber-crime and payment fraud prevention. Driven by cutting-edge data science, the Mastercard Gateway AI-powered technology helps to reduce financial risk by proactively assessing transactions for vulnerabilities.
Yasser Al-Barrak, Chief Corporate and Institutional Banking Officer at SAB, commented: “As we evolve our digital proposition, we have chosen Mastercard, our long-standing trusted partner, to support our efforts in the cybersecurity space. The company is ideally positioned to help us boost our capabilities to mitigate financial risks and increase peace of mind.”
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He added: “This partnership reflects our commitment at SAB to provide a reliable and secure digital financial environment for all our customers. We continuously strive to equip them with advanced tools and solutions that instill confidence in conducting online banking transactions. This partnership reflects our commitment to provide a reliable and secure digital financial environment for all our customers.”
“At a time when cyber threats are growing globally and cyber criminals are getting smarter, Mastercard’s innovative cybersecurity solutions are foiling cyber-attacks worth billions of dollars every year. We are delighted to strengthen our strategic partnership with Saudi Awwal Bank to provide enhanced protection for its digital transactions. Our collaboration aligns with our commitment to driving the digitization of the payment ecosystem in Saudi Arabia and with the objectives of the Kingdom’s national cybersecurity strategy,” said Adam Jones, Country General Manager, MENA Central, Mastercard.
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In line with Saudi Arabia’s Vision 2030 and its goal of building a thriving digital economy and a 70% cashless society by 2030, according to the latest Global Cybersecurity Index (GCI), Saudi Arabia ranks first in cybersecurity readiness in the Middle East and North Africa.