Mainstreet Bank Moves To Cut E-Banking Fraud

Mainstreem bank

The Mainstreet Bank Ltd. on Monday said it had put in place security standards to eliminate fraud in the use of credit and debit cards.

The Managing Director, Ms. Faith Tuedor-Matthews, made the disclusre in a statement in Lagos.

Accordinh to her, the Payment Card Industry Data Security Standard (PCIDSS) ensured safety in the transmission of credit and debit card information.

She said that the development made the bank to be awarded Payment Card Industry Data Security Standard (PCIDSS) certification.

According to her, the PCIDSS was a set of requirements designed to maintain a secure environment to manage the Payment Card Industry (PCI) security standards.

The banker said the PCI include companies that process, store or transmit credit or debit card information.

Tuedor-Mathews said that the PCIDSS was administered and managed by the PCI Security Standards Council, an independent body that was created by the major payment card brands.

These, she said, included Visa, MasterCard, American Express, Discover and JCB.

The banker also said that Mainstreet Bank had by that recognition earned the level 1 PCI certification, the highest rank available from the major credit card providers.

She noted that the level 1 PCI certification was only given to third-party providers who met the credit and debit cards transaction security protocols to protect customers’ personal transaction data.

Tuedor-Mathew said that the level 1 required an external audit for approval which was more rigorous than lower level compliance.

She also said that the process further attested to the security of the bank’s network, applications, hardware and business processes.

The banker said that the audit was performed by Qualified Security Assessor (QSA) from Phillips Consulting in Nigeria.

Tuedor-Matthews said: “Attaining the highest level in PCIDSS is a significant milestone for the bank being a key regulatory requirement for major electronic payment providers.

“PCIDSS will further boost our customers’ confidence in the safety and protection of their electronic data and e-payment services.

“Having invested enormous time and resources in technology and manpower, Mainstreet Bank is now ready to roll out several e-payment solutions.

“Such solutions will serve its customers within and outside Nigeria who desire reliable payment solutions to ease their financial needs,” she added.