Al Rajhi Bank won the «Leader» Award as the «Best Institution in the Middle East and North Africa» in Fraud Management for the year 2013.
This award, presented by Visa International, recognizes banks» contributions to effective fraud and risk management. Al Rajhi Bank is the first bank in the Kingdom to win this award, The bank was presented with this award at the 2013 Visa Security Summit for the Asia-Pacific, Central Europe, Middle East, and Africa regions, where it was the only institution from the Kingdom of Saudi Arabia among 20 financial institutions operating in the region to receive this award, which was established to promote best practices in risk management standards across the financial services sector. The award was accepted on behalf of the bank by Mr. Tamim Al-Qasir, Director of Credit Cards at Al Rajhi Bank, from Ms. Eileen Richie, Head of Risk at Visa International. It should be noted that winners of the »Leader« Award are selected based on quantitative and qualitative criteria, including the fraud rate as a percentage of sales, data security, PCI-DSS compliance, risk initiatives, and innovation, as well as the investigation of fraud cases. The Leader Award is divided into two categories: »Best Issuer« and »Best Acquirer»