"Abu Dhabi Islamic" The first bank in the world to adopt the Visa Threat Intelligence platform to enhance cybersecurity
ABU DHABI, July 23, 2017 (WAM) – Visa, the global digital payments company, and Abu Dhabi Islamic Bank, today announced a strategic partnership to implement the Visa Threat Intelligence Platform (VTIP), thus becoming the first bank in the world to adopt this platform.
The platform is a new generation security solution that combines cyber threat intelligence and payments-related fraud data into a unified platform, enabling financial institutions to detect risks at earlier stages and respond to them faster and more effectively.
As cyber threats continue to evolve and become more complex, there is a need for smarter and more proactive solutions to protect customers and digital services.
This platform has been integrated into Abu Dhabi Islamic Bank’s anti-fraud system, to provide cybersecurity, anti-fraud, and risk management teams with a more comprehensive view of emerging threats, through proactive information that contributes to accelerating risk detection, enhancing the efficiency of investigating suspicious activities, and providing higher levels of protection in the face of cyber threats and advanced fraud methods.
Amit Malhotra, Global Head of Retail Banking at Abu Dhabi Islamic Bank, said that the early adoption of the Visa Threat Intelligence platform reflects the bank’s commitment to innovation and providing a safe and reliable banking experience to customers.
The platform is an innovative solution that helps financial institutions detect and respond to cyber threats that could lead to fraud and financial loss, leveraging the same cyber security capabilities that Visa uses to protect its global network.
Today, Visa responds to approximately 90 million cyberattacks and 11 million phishing messages per month across more than 200 countries and territories.
Salima Gutieva, Vice President and Regional Director of Visa in the United Arab Emirates, said: “The VTIP platform adds an additional dimension to the way we support financial institutions in the UAE, by helping them enhance operational flexibility, protect customers, and be proactive in confronting emerging risks.”
Walter Lironi, senior vice president and head of value-added services for the Central, Eastern Europe, Middle East and Africa region at Visa, said that cyberattacks have become more frequent and targeted, and more difficult in terms of early detection for organizations, and fraud is often one of their direct results. The “VTIP” platform helps financial institutions monitor these threats faster, by combining cyberthreat information and payment data in a unified platform, providing clearer and more actionable insights to reduce risks before they turn into cases of fraud.
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