UAE Banks Federation (UBF) in coordination with UBF IT Committee, hosted a workshop dedicated to UBF member banks to address a new and innovative approach in combatting cheque fraud. The workshop identified proposed improvements to the current cheque verification process, specifically how changes could be made to limit incidences of fraud and support the nation’s move towards becoming a cashless society.
During the workshop, UBF speakers stated that, going forward, member banks would increasingly seek to make use of QR codes to improve cheque security, introducing enhanced encryption technology to discourage fraud. The new approach will see individual cheques allocated a random number that can then be read electronically during an automated validation process. The number is unique to the specific cheque and will ensure that only legitimate cheques will be honored by banks.
Mr. Zubair Ahmed, Chairman of UBF IT Committee, and Chief Information Officer, Emirates Islamic Bank; Barid Neogi, Chairman of UBF Operations Committee, and Senior Vice President Group Operations Governance & Business Support, Emirates NBD; and Naimish Shah, SVP, Head of Innovation and Emerging Technology, Emirates NBD, delivered presentations on how to implement these plans addressing the impact they will have on the industry.
The workshop witnessed large attendance from IT, Operations and Fraud Prevention divisions from UBF member banks. Moreover, UBF plans to organize further programs to confirm execution of this initiative with the aim to combat Cheque Fraud in the Banking industry.