The UAE Banks Federation rolled out new plans to tackle counterfeit cheques on Tuesday in a push to reduce incidents of fraud in the banking sector.
UBF said improvements to the cheque verification process, enhanced encryption technology and increasing the use of QR codes – where a unique code is printed on each leaf of newly issued chequebooks – will boost security.
Abdulaziz Al Ghurair, chairman of the UAE Banks Federation, a body representing 52-member banks in the country, said the organisation was "committed to enhancing the security of the UAE financial system … to tackle the issue of cheque fraud".
He added: “By introducing technology that allows us to detect problems in real time, we are confident that we can lessen the impact of fraud on our customers. In addition, these changes will improve operational efficiency, reduce costs and lay the foundations for further innovation that will benefit the banking sector.”
In December, the Central Bank of the UAE demanded that banks carry out credit checks on customers before issuing a chequebook to improve responsible lending practices in the industry.
Banks must consult the Al Etihad Credit Bureau to ensure the creditworthiness of their customers, the Central Bank said at the time. It also stated any chequebooks issued to new customers must only contain a maximum of 10 individual cheques.
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Read more:
UAE Central Bank says lenders must do credit checks before issuing chequebooks
Number of bounced cheques falls in first five months of 2018
Bounced cheques in UAE: new rules 'a progressive step for the justice system'
From smishing to prize scams: how to avoid bank fraud
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At a UBF workshop on combatting cheque fraud on Tuesday, the federation said counterfeit cheques currently expose banks, businesses and customers to financial, reputational and legal risks. Sophisticated printing technologies have caused incidences of fraud to increase, it said, adding that member banks are keen to come together to tackle this risk.
The organisation and its IT committee then proposed a number of changes to the current verification system.
These include the use of QR codes to improve cheque security and enhanced encryption technology, with individual cheques allocated a random number that can then be read electronically during an automated validation process. The number is unique to every cheque and will ensure only legitimate cheques are honoured, the authority said.
The new automated approach will also use a cryptographic protocol, a one-way identifier – called a "Hash" – which uses an algorithm to combine a random number with magnetic ink character recognition (MICR) data - a character-recognition technology that eases the processing and clearance of cheques and other documents.
UBF said a Hash is completely random and unique to the individual cheque and acts as a secure secret key for the cheque. It is not stored anywhere except on the cheque leaf. When the cheque is presented, the QR code will be read from the cheque leaf along with MICR details and passed to the ChequeChain system for validation against the unique Hash.
In July, state news agency Wam reported that fewer bad cheques had been intercepted by the UAE Clearing Cheque System in the first five months of the year compared with the same period in 2017 and 2016.
The total number of bounced cheques handled by the UAE clearing system during the first five months of 2018, according to Central Bank data, came to 515,000, with an approximate value of Dh26.2 billion. This represented 31,000 fewer cheques compared with the same period last year.
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
The specs
Engine: 2.4-litre 4-cylinder
Transmission: CVT auto
Power: 181bhp
Torque: 244Nm
Price: Dh122,900
if you go
The flights
Flydubai offers three daily direct flights to Sarajevo and, from June, a daily flight from Thessaloniki from Dubai. A return flight costs from Dhs1,905 including taxes.
The trip
The Travel Scientists are the organisers of the Balkan Ride and several other rallies around the world. The 2018 running of this particular adventure will take place from August 3-11, once again starting in Sarajevo and ending a week later in Thessaloniki. If you’re driving your own vehicle, then entry start from €880 (Dhs 3,900) per person including all accommodation along the route. Contact the Travel Scientists if you wish to hire one of their vehicles.
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Company%20Profile
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
COMPANY%20PROFILE
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Killing of Qassem Suleimani
SHALASH%20THE%20IRAQI
%3Cp%3EAuthor%3A%20Shalash%3Cbr%3ETranslator%3A%20Luke%20Leafgren%3Cbr%3EPages%3A%20352%3Cbr%3EPublisher%3A%20And%20Other%20Stories%3C%2Fp%3E%0A
Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The%20specs
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Fitness problems in men's tennis
Andy Murray - hip
Novak Djokovic - elbow
Roger Federer - back
Stan Wawrinka - knee
Kei Nishikori - wrist
Marin Cilic - adductor
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UAE currency: the story behind the money in your pockets
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
match details
Wales v Hungary
Cardiff City Stadium, kick-off 11.45pm
Squad: Majed Naser, Abdulaziz Sanqour, Walid Abbas, Khamis Esmail, Habib Fardan, Mohammed Marzouq (Shabab Al Ahli Dubai), Khalid Essa, Muhanad Salem, Mohammed Ahmed, Ismail Ahmed, Ahmed Barman, Amer Abdulrahman, Omar Abdulrahman (Al Ain), Ali Khaseif, Fares Juma, Mohammed Fawzi, Khalfan Mubarak, Mohammed Jamal, Ahmed Al Attas (Al Jazira), Ahmed Rashid, Mohammed Al Akbari (Al Wahda), Tariq Ahmed, Mahmoud Khamis, Khalifa Mubarak, Jassim Yaqoub (Al Nasr), Ali Salmeen (Al Wasl), Yousef Saeed (Sharjah), Suhail Al Nubi (Baniyas)
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
More from Aya Iskandarani
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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RESULT
Esperance de Tunis 1 Guadalajara 1
(Esperance won 6-5 on penalties)
Esperance: Belaili 38’
Guadalajara: Sandoval 5’
Formula One top 10 drivers' standings after Japan
1. Lewis Hamilton, Mercedes 306
2. Sebastian Vettel, Ferrari 247
3. Valtteri Bottas, Mercedes 234
4. Daniel Ricciardo, Red Bull 192
5. Kimi Raikkonen, Ferrari 148
6. Max Verstappen, Red Bull 111
7. Sergio Perez, Force India 82
8. Esteban Ocon, Force India 65
9. Carlos Sainz Jr, Toro Rosso 48
10. Nico Hulkenberg, Renault 34
PETER%20PAN%20%26%20WENDY
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Key findings
- Over a period of seven years, a team of scientists analysed dietary data from 50,000 North American adults.
- Eating one or two meals a day was associated with a relative decrease in BMI, compared with three meals. Snacks count as a meal. Likewise, participants who ate more than three meals a day experienced an increase in BMI: the more meals a day, the greater the increase.
- People who ate breakfast experienced a relative decrease in their BMI compared with “breakfast-skippers”.
- Those who turned the eating day on its head to make breakfast the biggest meal of the day, did even better.
- But scrapping dinner altogether gave the best results. The study found that the BMI of subjects who had a long overnight fast (of 18 hours or more) decreased when compared even with those who had a medium overnight fast, of between 12 and 17 hours.
SUZUME
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
Company%20Profile
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants