UAE-based Mashreq Bank
has upgraded its internet banking service to enhance the channel’s
security features.

According to Mashreq’s
head of distribution, Gavin Sanderson, a number of the bank’s
customers experienced phishing fraud in 2010, when they
inadvertently revealed their personal details to

Mashreq has introduced a
one-time authentication code where customers must add their utility
account number in the beneficiary list and activate by entering an
activation code received on their mobile phone.

Sanderson said that
Mashreq’s direct channels investment was designed to offer
customers a more convenient banking experience for its online and
mobile banking customers, while offering extra security via the
online banking platform.

Investment in Mashreq’s
internet banking service follows an expansion of the bank’s mobile
banking service last year, including the launch of an iPhone and
Arabic language service for the mobile channel.

Mashreq’s mobile banking
iPhone app ranked first in the Apple UAE iTunes store ‘finance
category’ in the second half of 2010.

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Other channel
initiatives at Mashreq include a major refurbishment of its branch
network; by the end of 2010, the bank had upgraded around 70% of
its branches.