STRATEGIC PARTNERS
June 29, 2003
ABU DHABI, United Arab Emirates -- Banks may invest millions of dirhams to replace their older ATMs in line with a recent recommendation by the UAE's Central Bank, according to a report in the Gulf News.
The Central Bank recommended that older ATMs be replaced following a recent spate of card fraud at ATMs. (See related stories UAE banks cut ATM withdrawal limits while skimming case is investigated, Arab banks compensating ATM scam victims and UAE banks leery of upping ATM withdrawal limits in wake of fraud)
However, bankers cited in the Gulf News report said that cooperation from customers, the government and tight security measures will be required to fight ATM fraud -- rather than the mere replacement of ATMs.
Currently, there are some 985 ATMs in the UAE, with about 99 percent of them connected to the GCC Interbank Switch.
"Abu Dhabi Commercial Bank (ADCB) had already decided to replace many of the old ATMs. It is an ongoing exercise and we are taking all measures to step up security. Of course, we will go by Central Bank directives to replace certain brands of ATMs," said Khalifa Mohammed Hassan, managing director of the bank. "Ours was among the less affected banks with very negligible losses."
National Bank of Abu Dhabi (NBAD), which has some 107 ATMs, has upgraded about 80 percent of its ATMs in the last four years with smart card readers, a senior official of the bank told Gulf News.
According to the UAE's Central Bank, there are currently 2,500 ATMs in Saudi Arabia; 985 ATMs in the UAE; 337 in Oman; 300 in Kuwait; 240 in Qatar; and 159 in Bahrain.
