Beginning on July 1, United Amara Bank (UAB) will use a telephone verification system for every transaction exceeding K1 million, if the transaction is initiated by a representative rather than the account owner.
The decision to employ this verification system comes after a senior manager of one of UAB Bank’s branches in Mandalay committed a fraud, withdrawing over K800 million from a customer’s account.
When a transaction on a personal account exceeds K1 million, the bank will call the customer for verification; verification will also be used if a transaction exceeds $700, if the account is in foreign currency.
If the account is of the corporate or organizational type, then the bank will call for verification when transactions exceed K5 million, or $3,500. The bank will not allow the execution of transactions over these amounts if it can not verify the activity.
UAB Bank has also introduced the UAB Mobile Banking app, and its UAB Visa prepaid card, which can be used at POS, ATMs, and as e-commerce payments.
The bank generated K5.8 billion of profit and K19.04 billion in revenue during the abbreviated FY 2018.
Established in 2010, UAB has expanded its presence into 47 townships, and has opened 78 branches during its nine years of operation. It plans to reach a goal of having opened 100 branches by the end of 2020.