Singapore's OCBC Bank has received "The Best Issuing Institution in Southeast Asia" award from Visa for its anti-fraud efforts.
"With the right measures in place, fraud can be kept to an acceptable level. We are honoured by this distinction that recognises our anti-fraud efforts," said Gilbert Kohnke, OCBC Bank's chief risk officer.
"We will continue to strengthen our risk management practices to provide the safest environment possible for our customers to bank in," he added.
The award was part of a Visa programme to recognise risk management practices by financial institutions worldwide.
Visa also recognised the bank for adopting strong risk practices to protect cardholders, including the implementation of fraud monitoring tools, two-factor authentication and technology to enhance the security and reliability of ATM transactions.
The global payments company lauded the efforts of 20 institutions across Asia Pacific, Central Europe, Middle East and Africa (APCEMEA) by recognising them with the inaugural annual Visa LEADER Award at Visa's 2012 APCEMEA Security Summit held in late June.
"As the payment ecosystem evolves and payments become smarter and better, fraud attacks are increasing in sophistication," said Tolan Steele, head of risk, Visa APCEMEA.
"Visa clients across APCEMEA have been proactively countering fraud across all channels, and we want to applaud and recognise those that have stood out in their risk management measures, strategies and success rates," said Steele.
The other regional banks recognised by Visa include DBS Hong Kong, HDFC Bank and Mandiri Bank Indonesia.
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