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Bank muscat hosts workshop on ATM fraud prevention

MUSCAT, 8 September 2012 – bank muscat, the leading financial services provider in the Sultanate, organised a workshop on ATM fraud prevention addressed by Douglas Russell, world expert in ATM fraud and security risk management. The workshop held at bank muscat head office was attended by the the Head of Economic Crime, Royal Oman Police, senior officials representing various banks in Oman and frontline staff dealing with operations, ATM management, card operations, security and audit.

The workshop provided an overview of the primary attack methods that criminals deploy against ATM terminals and systems. The workshop objective was to obtain a strategic overview and to recognise the most common categories of criminal devices employed in ATM fraud. Discussions covered various ATM fraud and security threats, financial risk to the ATM channel, reputational and consequential challenges.

Waleed Al Hashar, Group General Manager - Corporate Services, said: “bank muscat is proud to host this workshop aimed at addressing cyber crimes and ATM fraud which have assumed global ramifications involving financial and reputational risks to banking and financial institutions. Therefore, it is important for all of us in the banking and financial sector to contribute and supplement government efforts to tackle financial crimes. The subject assumes great importance, hence the workshop was organised by the bank to facilitate exchange of experience and information on cyber crimes and ATM fraud. We are glad to note that the workshop helped in identifying gaps and means to strengthen ATM fraud prevention measures and also review the financial and reputational risks associated with ATM fraud. Our sincere thanks go out to the Royal Oman Police for their efforts to combat financial crimes and safeguard financial assets. The networking has helped to establish stronger links within the industry to fight ATM frauds.”

Driven by the latest technological features, bank muscat has the largest network of over 400 ATMs across the country that allows customers to bank at convenience. Being a member of OmanSwitch and GCCNet, customers from any bank in Oman, the GCC countries and from around the world can use bank muscat ATMs for their cash requirements. bank muscat remains committed to excellence in providing innovative banking solutions to all, inspired by the challenges that lie ahead.

Douglas Russell is renowned for global experience in creating and implementing strategic and tactical solutions mitigating ATM fraud and security threats. He is an author of ‘Best Practices for Preventing ATM Skimming’, classifying skimming devices and methods in order to give the worldwide industry a tool for understanding the range of possible types of attack.​