PRESS RELEASE The rising threat of automated teller machine (ATM) fraud, and the innovative technology solutions that financial institutions could adopt to address security challenges, dominated discussion at a conference held in Beirut today to address the significant changes that are transforming the role of the ATM.
The conference was attended by more than 100 representatives from leading financial institutions in the region and senior executives from major IT companies in the banking and financial services market, including Dave Wetzel, vice president and managing director for Europe, the Middle East and Africa (EMEA), Diebold, Incorporated (NYSE:DBD); Samer Kandalaft, general manager of Quantech, Lebanon; Pierre Abi Jaoude, CEO of CBM, Lebanon; Ahmad Al-Mukhtar, CEO of MESSC, Iraq; Emad Suwan, CEO of JBS, Jordan; and Emad Al Saffar, division manager of Axis-Solutions, Kuwait.
Held at the Habtoor Grand Hotel in Beirut, the conference addressed emerging trends in retail banking and the financial self-service marketplace, covering the important themes of branch transformation, deposit automation, next-generation software solutions, integrated services, with a special emphasis on ATM security.
Addressing his company's key strategic initiatives in the region, Wetzel emphasized the pressing need for financial institutions to ensure increased ATM security.
"In a climate of increased ATM fraud and threats, financial institutions can no longer afford to take a reactive approach to detecting and preventing fraud attempts and attacks on their ATMs. For emerging markets such as the Middle East, which has been witnessing a massive rise in ATM fraud over the past few years and where financial self-service activities are set to increase exponentially, ensuring protection against security threats is critical, as the extent of market growth will be closely linked to the level of transaction security offered to customers."
Wetzel said.
ATM security remained the dominant theme of the day with experts from Diebold, Incorporated - the leading global provider of automated teller machines which organized the conference - and keynote speakers from major IT players in the region analyzing the current landscape, regulatory compliance, card skimming and PIN interception.
"Providing a secure environment for ATM users is essential to maintain consumer confidence in this important channel," Wetzel said. "To address the security requirements of financial institutions, Diebold has taken a leading role in ATM security and the prevention of ATM frauds and attacks. By integrating leading-edge security features directly into the design of our Opteva family of ATMs, we have engineered what just might be the most sophisticated, most advanced ATM security solution in the business."
Wetzel also discussed Diebold's innovations, inspired thinking and collaborative approach during its 150 years in business, and highlighted the comprehensive portfolio of security solutions the company offers financial institutions worldwide.
One of the highlights of the conference was a roundtable discussion on the challenges facing the financial services market in 2010. Participants in the discussion included some of the leading names from the regional financial services and Information Technology industry.
At the conference, Diebold showcased several of its next-generation solutions at a specially designated demonstration area, including its range of deposit automation technologies for cash optimization with recycling capability, the latest cash dispensers, teller recycling solutions and other non-cash terminals which complement today's branch automation requirements.
Diebold has established itself as a dominant player in the ATM market in the Middle East, and enjoys around 75% market share in Lebanon, where its customer base includes most of the major banks in the country. With the Lebanon ATM market having grown at an impressive rate of around 10% in the past two years despite political and security instabilities, and given the significant improvement in the political and economic climate in the country since, Diebold expects growth to pick up considerably in 2010.
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