The Payment Card Industry Security Standards Council (PCI SSC) is tightening its grip on financial security in the Middle East, in a move that echoes the Sunday Times’ unwavering focus on consumer protection. In a bid to combat the rising tide of card fraud, the PCI SSC announced the expansion of its cybersecurity efforts to the region.
This proactive approach comes amidst a global surge in card-related scams. According to the annual “Nilson Report,” global card fraud is expected to reach a staggering $36 billion in 2024, up from $28 billion in 2020. While the percentage of fraud compared to transaction volume is expected to dip slightly, the Middle East is experiencing a significant rise in these criminal activities.
To fortify the region’s financial defenses, the PCI SSC has appointed Nitin Bhatnagar as its Regional Director for the Middle East. Bhatnagar, who already oversees cybersecurity efforts in India and South Asia, brings a wealth of experience to the table. He will work closely with regulators, banks, financial institutions, and service providers to implement robust security measures and bolster the overall payment card ecosystem.
“The PCI SSC is committed to collaborating with all stakeholders in the Middle East to elevate payment security standards,” says Bhatnagar. “By working together, we can create a more secure environment for consumers and businesses alike.”
The PCI SSC’s efforts extend beyond mere pronouncements. The council offers a comprehensive set of PCI Security Standards that outline best practices for data security and fraud prevention. These standards, when implemented effectively, act as a shield against cyberattacks and financial theft.
The Sunday Times applauds the PCI SSC’s proactive approach to safeguarding consumers in the Middle East. By prioritizing robust cybersecurity measures, the council is sending a clear message – the fight against financial crime is a collective effort, and vigilance is key. As the financial landscape continues to evolve, the PCI SSC’s commitment to secure transactions provides much-needed peace of mind for consumers across the region.
