Risk Disclosure Statement

1. Definitions

‘Single User Setup’ means a procedure whereby only one person is required to complete a specified process. Thus, compared to the Multi-User Setup, the Single User Setup for transactions may incur higher risks.
‘Dual Control Setup’ means a procedure whereby the active involvement of two or more individuals is required to complete a specified process. This involves having an individual responsible for creating the transaction and another individual of higher authority to approve the transaction in the system.

2. Default Settings

This disclosure statement considers the characteristics and risks of having a Single User Setup for all transactions initiated through the internet and mobile banking platform (the “Platform”) provided by Bahrain Development Bank B.S.C.(c) (the “Bank”, which expression includes its successors and assigns). The default setting for initiating any transactions through the Platform is the Multi-User Setup, we do this in order to ensure that no single individual may initiate and approve transactions, accordingly, decreasing the chances of any fraudulent activity on the Platform.

3. The risks of a single user setup

At Bahrain Development Bank B.S.C.(c) we design our systems to cater to the convenience of our clients. We understand that as an entrepreneur when running a small business, you may need to handle all your banking services yourself. However, you should be aware that the Multi-User Setup reduces the likelihood of any fraudulent activities take place on the Platform when carrying out  any transactions as one person would have to initiate it and another authorize it. Therefore, for a breach to be committed, both parties would need to collude which would require a higher level of corruption. Whereas, under Single User Setup only one person is required to complete a specified process so compared to the Multi-User Setup, Single User Setup for transactions may incur higher risks.

4. Indemnification

By selecting the Single User Setup option you hereby:
- authorize the Bank to proceed with Single User Setup and you fully understand and acknowledge the characteristics of Single User Setup and the risks associated with this authorization;
- understand and agree that you shall assume and be responsible for all risks associated with and losses arising out of or in connection with the application and use of Single User Access in or through the Platform;
- you undertake to indemnify and hold the Bank fully indemnified from and against any loss, costs (including solicitor and client costs on a full indemnity basis), charges, damages, claims, demands, actions, proceedings and all other liabilities of whatever nature and howsoever incurred or suffered by the Bank or which may be brought or preferred against the Bank as a result of the Bank agreeing to act on your said authorization; and
- understand and agree that the Bank may modify the General Banking Terms and Conditions for the Platform and/or terminate the provision of Single User Access by notice to you at at any time.