ABU DHABI, UAE – The UAE’s focus on digital transformation and innovation in adopting advanced technologies such as artificial intelligence, machine learning and biometrics is helping to enhance fraud detection and control capabilities, said Jamal Saleh, Director General of UAE Banks Federation.
The “Tasharuk” information sharing and analysis platform, established by UAE Banks Federation and the first of its kind in the country, is playing an influential role in helping to detect cyber risks through the exchange of critical information, he added while speaking at the 2023 ACFE Fraud Conference Middle East.
Saleh was emphasizing the federation’s commitment to creating and maintaining a safe and secure banking system in the UAE.
“The UAE is well positioned to further strengthen its leadership in combating fraud, with continued investment in technology, training and collaboration. Besides, the National Cybersecurity Strategy contributes to enhancing the integrated system by implementing many initiatives, evaluating their results and evolving them in line with global changes,” he said.
During the event, the representative body and voice of UAE banks, highlighted the numerous initiatives and measures being implemented by the sector under the guidance and supervision of the Central Bank of the UAE (CBUAE).
The CBUAE is taking proactive steps to combat financial fraud by developing laws and regulations and employing advanced technology for prevention and detection.
The conference, hosted by the Association of Certified Fraud Examiners (ACFE), took place in Dubai on 8-9 May and saw the participation of over 300 experts and professionals in the field.
The UAE Banks Federation’s involvement in this significant annual conference is part of its ongoing efforts to support member banks in building and developing competitive and sustainable business models. These models aim to combat fraud, ensure the security of the banking and financial system, and contribute to economic and social development.
During the conference, discussions focused on key challenges and topics related to fraud, particularly in the digital age. The digital age has witnessed a significant rise in fraud cases that pose threats to the security of financial and banking institutions, as well as individual and institutional customers.
The UAE has been proactive in improving compliance and fraud-related laws and regulations. It has also raised awareness of fraud risks and provided training and support to banking employees, enhancing their knowledge and skills in fraud prevention and detection.
The conference was attended by experts and high-ranking officials from the regional banking and finance sector. Panel discussions on the first day covered topics such as ‘Changes in Operations and its Implications for the Banking Industry,’ ‘Fraud Risk Management in Sustainability Initiatives,’ and ‘The Evolution of Fraud in Global Financial Markets.’
The second day included discussions on ‘Leveraging the Power of Technology in Combating Fraud,’ ‘Compliance Challenges and Ethical Standards Related to Fraud,’ and ‘The Behavioral Pattern of Fraudsters – the Difference between Traditional and Cyber Fraud.’ Participants emphasized the importance of continuous improvement in systems and technologies to create a safe and secure banking environment. They commended the UAE banking sector’s experience in developing its legal and regulatory framework in line with the guidelines of the Central Bank of the UAE to ensure compliance and implementation of fraud prevention measures by financial institutions.