Access Bank adheres to bank fraud prevention system

Access Bank Mozambique announced today that it was the first banking institution in the country to adhere to the technological system of operations easiness and fraud prevention in Point of Sale/Service (POS) devices, called Contactless.

Contactless technology is actually a chip that allows the user of any 'Visa card' to perform transactions without the need to place it in the POS device. The regulation states that only a 4 centimeter proximity between the card and the POS, already equipped with the chip, can facilitate operations.

"This technology, already in use in the country, is based on two aspects: convenience, in which clients can make low-value payments by simply approaching the card, and security, in which the card never leaves the user's hands," explained the Managing Director of Acccess Bank Mozambique, Marco Abalroado, at a press conference in Maputo.

On the occasion, Marco Abalroado acknowledged that the new technology does not solve the problem of POS bank fraud, but significantly reduces it, as has occurred in countries in the southern region of Africa.

"South Africa now requires that a user's card be equipped with Contactless technology before using it on a POS device. And over there there is an awareness in companies to instruct their employees to require these cards," said Abalroado.

The official also said that users of the 'Visa Contactless cards' will be able to use them in other countries around the world, "where POS are marked with the Contacless symbol."

"This is a milestone in the Mozambican financial system. [Its adoption] is a mandate from Visa. This means that all banks are required to have this technology," said SIMO Rede CEO Raimundo Matuassa.

The head of SIMO Rede clarified that although adherence to the technology has long been a condition imposed by Visa, this is entirely in the private interest of each banking institution.

However, the expectations of both Raimundo Matuassa and Marco Abalroado are that in the near future the banking institutions in Mozambique will all be equipped with the technology.

"The plan for this depends not only on SIMO, but on other banks. What we have done is to create the environment for banks to adhere to this card technology. Right now we have the conditions to produce any Contactless card for all customers in Mozambique," said Matuassa.

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