2. Combating Evolving Fraudulent Threats In our ongoing commitment to combat the evolving threats of financial scams, we have proactively enhanced our security measures to address the sophisticated tactics employed by scammers in the digital banking landscape. Recognising the need to stay ahead of these challenges, we have prioritised the development of a robust security infrastructure and the implementation of advanced fraud prevention strategies to protect our customers' interests and ensure their confidence in our services. This strategic approach has led to a notable decrease in average losses from scams, ensuring a trusted and secure environment for all our customers. What We Did Description Full migration to Secure Messaging We have transitioned away from SMS authentication in favour of Secure Messaging which offers stronger protection against interception by scammers. This ensures confidential communication, fostering trust and peace of mind. Device Binding One app, one device. Logins are now linked to specific devices. This multi-factor authentication adds an additional layer of security, mitigating unauthorised access attempts. Kill Switch Customers are empowered to deactivate their accounts temporarily if suspicious activity is detected. This proactive measure minimises potential losses in the event of fraudulent activity. Cooling-Off Periods Mandatory delays are now implemented for high-value transactions. This additional time allows for potential fraudulent activity to be identified before the transaction is completed. Expanded Fraud Hotline A dedicated 24/7 hotline is available for customers to report any suspicious activity. This facilitates prompt intervention and investigation by our security teams. National Scams Response Centre (NSRC) Collaboration We actively collaborate with the National Scams Response Centre (NSRC) and relevant authorities to combat fraud on a broader scale. This collaborative effort contributes to a more secure environment within the industry. Call-Back Verification Transactions identified as high-risk or suspicious are placed on hold until they can be verified directly with the customer. This additional step minimises the risk of unauthorised transactions. Upgraded Fraud Detection System (FDS) We continuously invest in and utilise cutting-edge technology solutions. These advanced systems allow us to proactively identify and prevent fraudulent attempts, safeguarding customer assets from evolving threats. 115 1 2 3 4 5 6 7 8 9 www.bankislam.com SUSTAINABILITY STATEMENT
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