Customer awareness is the first and strongest defense line to combat financial fraud

The Federation of Emirates Banks renewed its call to clients to take the necessary measures to combat financial fraud, especially in the period of seasons and holidays that witness great growth in promotional offers through digital channels, stressing that customer awareness is considered the first and strongest defense line to combat financial fraud. The Emirates Banking Union, in direct cooperation of the UAE Central Bank, is working to increase the levels of awareness of financial crimes, including the national anti -fraud campaign carried out by the Federation and its partners, which since its launch in 2020 contributed to increasing customer awareness and taking the necessary measures in this context.

Jamal Saleh, the general manager of the Emirates Banking Union, said: “The banking sector in the UAE, in light of the directives and supervision of the UAE Central Bank, was able to consolidate its position as a global financial and banking center, as the sector focuses on providing a banking experience characterized by security and smoothness by benefiting from the latest technologies, sciences and accumulated experiences.” He pointed out that “these initiatives and efforts contributed to the increase in customer confidence in the banking sector, as it recorded a rate of 90% in customer confidence, thus excelling the UAE over many countries of the world developed in the banking and financial field, and the banking sector maintained the first place as the most sectors that have customer confidence in the state.”

The Director General explained that the UAE Banking Union launched the national campaign to combat fraud, in cooperation with its strategic partners with the aim of supporting customers, society and the economy with the acceleration of digital transformation in the banking sector and increasing financial fraud rates. This was the fourth annual campaign by the Federation with the Central Bank, the Emirates Cyber ​​Council, Abu Dhabi Police and Dubai Police, in addition to the Communications Regulatory Authority and the digital government. The Federation, in cooperation with its member banks, works to provide the necessary instructions such as using safe passwords and learn about e -bank fraud. The activities of the national campaign include the definition of customers with various topics such as fraud by e -mail, fraud through social engineering and fraud over the phone, through multiple media media such as articles, educational videos and publications through social media channels, so that the campaign works to raise the level of customer awareness on how to determine and avoid fraud.

The Director General of the Emirates Banking Union emphasized that all these efforts have contributed to high levels of awareness of financial and electronic fraud in general, and said that “the results of the study, conducted by the Cyber ​​Security Council for the UAE government and the Trends Center for Research and Consulting, which were recently published, indicates that 65% of the participants trust their ability to identify fraud despite the development of methods and techniques used. With the highest levels of caution, as the study showed that 56% of the UAE population is subject to attempting at least one fraud process per month, while credit cards and bank transfers are the most common payment methods of fraud.

He added: “The seasons of holidays and holidays such as Eid Al -Fitr are witnessing a great demand for digital transactions and pushing online, which calls us to remind our valued customers to take measures to avoid fraud in these periods and double our efforts to provide customers with advice related to the safety of digital banking services, e -commerce security and social media channels. He stressed that the banking sector in the UAE is characterized by digital infrastructure and systems. Advanced fraud, and union initiatives such as cyber exercises, which are organized by the Federation every year under the supervision of the United Arab Emirates Central Bank and the Cyber ​​Security Council of the UAE government, contribute to enhancing cybersecurity and promoting security levels and protection of digital infrastructure.

With the acceleration of digital transformation, digital payments in the UAE are growing growing, as it increased by 53% in 2023 to reach $ 43 billion (157.8 billion dirhams), while it is expected to rise to 132 billion dollars (484.4 billion dirhams) by 2028, according to international research centers estimates.

Jamal Saleh also stressed that the UAE has made great progress in detecting and mitigating fraud, and implemented many initiatives and measures, including adopting advanced technologies such as artificial intelligence, machine learning and biological measurements, which enhance the capabilities of fraud. The UAE is also a pioneer in raising the level of awareness about the risks of fraud and providing training and support for workers in banks and financial institutions to improve their knowledge and skills in revealing and preventing fraud. The state enjoys a good situation to continue leadership in this field through continuous investments in technology, training and cooperation. He pointed out that the Emirates Banking Federation established a joint platform to monitor fraud and exchange information to enable banks to exchange information and cooperate in combating financial fraud. This platform helps to identify and prevent fraudulent activities by sharing information about fraud and fraudulent activities.