Applying strict requirements for electronic payment operations in the UAE to protect data

rawda samy - | UAE

The UAE Central Bank has announced the implementation of strict requirements for electronic payment operations in the UAE to protect data in order to prevent data leakage and protect bank accounts, as well as protect card holders, banks and payment devices.

Implementing stringent regulations for the processing of electronic payments in the UAE in order to ensure data security

For the purpose of preventing data leakage and protecting bank accounts, as well as protecting card holders, banks, and payment devices, the Central Bank of the UAE has stated that stringent criteria will be implemented for electronic payment operations in the UAE. These standards are intended to secure data.

Electronic payment procedures imposed by the UAE Central Bank

Electronic payment processes mandated by the Central Bank of the United Arab Emirates, The United Arab Emirates (UAE) is characterised by applying stringent requirements, according to two banking experts, in order to ensure the safety and reliability of electronic payment processes and to prevent the leakage of user data. They indicated that these requirements were imposed by the Central Bank and banks operating in the country, as well as information systems institutions both inside and outside of the country. Additionally, they made it clear that there are applied protocols that are adhered to by all parties. Concerning the information exchange and the requirements for protecting and encrypting customer data during its exchange between all parties, it is intended to protect the information of card holders, banks, and payment devices, and they indicated that the original card numbers of credit, debit, or prepaid cards are not stored, and that in order to prevent fraud, after approval, the card will not be activated until a certain amount of time has passed. On the card, it generates an account number, encrypts it, and transfers it with other data in order to establish unique dynamic security codes. It then stores this information in an industry-standard approved chip designed to securely store a user's payment information.

Hacking bank accounts in the UAE due to electronic payment transactions

Due to the prevalence of electronic financial transactions in the UAE, bank accounts have been hacked, After individuals stated that their accounts had been stolen, withdrawing quantities of money from them, and asking other users not to use the application on phones, a debate regarding an electronic payment application recently erupted on several social media platforms and inside other WhatsApp groups.

Warning of ways to steal credit card data

Warning regarding possible methods of stealing credit card information, For his part, the banking expert Ahmed Youssef confirmed that "electronic payment systems in the country enjoy a high degree of safety and reliability, in accordance with strict instructions and conditions from the Central Bank and the relevant agencies," which completely rules out the possibility of theft or the leaking of data belonging to card holders through electronic payment systems. And he linked the loss of user data to the hacking of users' phones via other ways, which was unrelated to the usage of electronic payment methods, such as credit card payments made when purchasing items directly from businesses.

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