"Emirates banks"Customer awareness of the first line of defense in fighting financial fraud

Abu Dhabi, March 18 / WAM / The Emirates Banking Union renewed its call to clients to take the necessary measures to combat financial fraud, especially in the period of seasons and holidays that witness significant growth in promotional offers through digital channels, stressing that customer awareness is 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.
In a press release issued today, Jamal Saleh, Director General 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 expertise accumulated.
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 position as the most sectors that have customer confidence in the country.
The Director General explained that the Emirates Banking Union launched the national campaign to combat fraud, in cooperation with its strategic partners with the aim of supporting customers, society and economics with the acceleration of digital transformation in the banking sector and increasing financial fraud rates, and this was the fourth annual campaign that the federation is carried out 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.
He continued, “The Federation works in cooperation with its member banks to provide the necessary guidelines such as using safe passwords and learn about e -bank fraud.”
The Director General of the Emirates Banking Union stressed that all efforts contributed to the high levels of awareness of financial and electronic fraud in general, pointing out that the results of the study, conducted by the Cyber ​​Security Council of 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.
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 advanced anti -fraud systems, and federation 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.

Saleh 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 fraud detection capabilities.

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