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UAE banks target foreign transactions in ATM fraud case

UAE banks are restricting international transactions to contain the large-scale card fraud by overseas gangs that surfaced last week, the UAE Gulf News reported on Monday.

"Stopping international transactions is the key to containing the damage," Saif Al-Shehi, senior general manager of retail banking at National Bank of Abu Dhabi, told the paper.
The bank initially blocked transactions in just a small number of countries, but now has extended it to most of the world, he said. Banks are making exceptions for some international transactions on an individual basis, he added.

He added that the number of international transactions being rejected is ten times more than those that are allowed, including those from point of sales. 

The bank will be issuing new cards to all its customers by Oct. 1, Al-Shehi told the paper.

Emirates NBD told the paper that the bank has blocked two to three percent of transactions in 20 countries.

Visa International, one of the major two card networks, warned Barclays in August that the security of 1,469 debit and credit was compromised after the network's UAE database had been hacked, the paper said.

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