Mumbai: Bank of Baroda, the country's second-largest bank, has been awarded the 'global lowest gross fraud (Issuer) award' by 'Visa' at the Global Service Quality Awards 2018 in Mumbai, recently. Bank of Baroda's Executive Director's Murali Ramaswami and SL Jain were felicitated by Vaibhav Taranekar, Head of Client Services India and South Asia of Visa. Global Lowest Gross Fraud (Issuer) recognises issuers that have the greatest reduction in gross fraud rates.

The Visa Global Service Quality Awards is an annual client performance program honouring Visa's highest-performing acquirers, issuers, and issuer processors. Recipients exemplify the Visa-client relationship, fulfilling the brand promise through excellence in innovation, operational efficiency, and cardholder satisfaction.

On the occasion, Ramaswami said, "It has always been our endeavour to ensure minimal frauds to accrue and provide safe banking to our customers. To achieve an award in the global – lowest gross fraud category is a testament of our collective efforts towards ensuring a clean banking environment to our valued customers." While Jain said, "We are pleased that the Bank's long relationship with Visa in six geographies has led to the desired outcome through both, Debit and Credit cards. We shall work towards being the recipient of such awards in the years to come."

The 'lowest gross fraud award' has been conferred for the fiscal year October 2017 to September 2018. Receiving a Global Service Quality Award is a notable industry accolade as the award is evaluated on the measure of confirmed fraud rate on transactions over the Visa network and the sum of confirmed fraud purchase Amount (USD)/sum of settled purchases amount (USD) and is less than 1 bps.

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