The UAE banking sector is a global model in enhancing the security of banking and financial services

Abu Dhabi, September 28 / WAM / The banking sector in the UAE offers a leading global model in the field of digital banking services, as Emirates banks were not satisfied with applying digital channels for the customer’s interface only, but also invested in data platforms, advanced analysis systems, artificial intelligence solutions to customize services and detect fraud, in addition to improving the customer’s experience.
Experts in the field of cybersecurity told the Emirates News Agency “WAM”, that the banking sector in the UAE is witnessing a fundamental shift today in the field of digital innovation and cybersecurity, taking advantage of the advanced infrastructure and flexible legislation, as it continues to combine investment in the latest technologies and enhance the capabilities of protection to face the increasing threats.
Richard Cassidy, Regional Director of Information Security in Europe, the Middle East and Africa at Robrick Data Management and Information Security Company, said that the banking sector in the UAE is entering a new phase of digital transformation, accompanied by an increasing focus on promoting cyber protection, in response to accelerated developments at the level of global threats and regulatory requirements.
He added that artificial intelligence and huge data are essential elements in digital security strategies, where banks in the UAE employ tools backed by artificial intelligence to monitor any unusual behavior in the actual time, and analyze huge amounts of data quickly and accurate And companies alike.
He stressed that adopting artificial intelligence techniques represents a promising opportunity for banks, not only in terms of enhancing their ability to detect and prevent financial fraud, but also by enabling their defensive systems from continuous learning from previous incidents, to become more intelligent and adapted over time.
He said that Emirati banks show high flexibility in terms of development and innovation despite the development of cyber threats, through close cooperation with all concerned parties, educating customers, and maintaining effective response plans for any emergency.
Zaid Shabilat, the director of the “Invaybib” cloud communications company, said that the banks in the UAE have witnessed a qualitative shift in their approach to digital security, as they moved from traditional protection models to advanced systems based on intelligence and analysis.
He added that the acceleration of dependence on digital channels, from electronic banking services to immediate payments and the tests designed for smartphones, led to the escalation of threats, which prompted banks to adopt advanced systems to monitor fraud in actual time, and to activate safe and multiple communication channels that immediately overcome customers when monitoring any unfamiliar activity.
He stressed that artificial intelligence and huge data represent today the main pillar of these advanced efforts, by analyzing the information and identity of the devices, the login patterns, and the behavior of transactions, artificial intelligence models have become able to monitor any unusual activity within parts of a second, while huge data analyzes contribute to the detection of broader fraud networks and the fake accounts associated with them.
He pointed out that some banks in the UAE have already started applying these smart models, as well as underestimated digital assistants who address the scenarios of common fraud efficiently and widely, with the escalation of complex cases smoothly to the competent teams when needed.
He explained that regulatory regulations and legislation formed a decisive factor in accelerating this transformation, as they contributed to encouraging banks to move from traditional verification methods, such as activation symbols through text messages or e -mail, to more advanced and secure ratification solutions, such as ratification via smart applications and biometric verification.
And that the approval of immediate notifications provides a high level of protection against electronic construction attempts, and provides a smooth experience for users and a low operational cost for banks without the need to develop complex software.
He continued, tools such as digital identity contribute to enhancing the reliability of identity verification and limiting impersonation attempts, and the adoption of security operations centers in a number of major banks allows monitoring systems around the clock, ensuring the speed of response to any possible threat, and enhances the ability to manage accidents with high efficiency.
He stressed that the anti -fraud systems will re -draw their features in the next stage by relying on the behavioral verification, unified alerts across various channels, and an interactive experience that allows the customer to move smoothly from alert to the procedure, within a unified and complex path.
It is worth noting that the Federation of Emirates Banks launched the year 2017 the “participating” platform, the first platform for the exchange and analysis of cyber threat information between banks, which collects the attacks of attacks, moment by moment, and allows the exchange of threat indicators according to international protocols, in order to enhance the early detection to confront electronic crimes without prejudice to customer privacy.

• For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and Related