UBF AND SWIFT COLLABORATE TO COMBAT CYBERATTACKS AND ELECTRONIC FRAUD IN THE UAE’S BANKING INDUSTRY
Industry experts convened to discuss how the implementation of SWIFT's “Customer Security Programme” can support customers in combatting cybercrime and reducing electronic financial fraud in the UAE banking industry
Abu Dhabi, 13 October, 2019: In a collective effort to promote a secure and stable financial landscape in the UAE, UAE Banks Federation (UBF), in partnership with SWIFT, the leading provider of secure financial messaging services, today hosted the ‘SWIFT Customer Security Programme (CSP)’ conference. CSP conference, which took place in Abu Dhabi, witnessed industry experts come together to discuss how the widespread implementation of SWIFT CSP can support banks in combatting all types of threat of cyberattacks by equipping them with necessary information and tools to mitigate electronic financial frauds.
SWIFT CSP is an initiative aimed at reinforcing the overall security of the global banking system by improving information sharing throughout the community, enhancing SWIFT-related tools for customers, sharing best practices for fraud detection and enhancing support by third party providers. Through the program, SWIFT has also recently launched the Customer Security Control Framework (CSCF), which outlines a series of compulsory and advisory security controls for customers, which can help them strengthen and improve cyber security standards across the UAE.
Commenting on the occasion, H.E AbdulAziz Ghurair, Chairman of UBF, said:“On the back of accelerated technological innovation, the threat of cybercrime has significantly increased over the years, and the localized instances of payment fraud have reiterated the necessity for greater and more extensive partnerships to solve these issues. In line with our commitment to foster a safer and more protected banking environment across the UAE, we are delighted to collaborate with SWIFT to encourage the industry-wide adoption of the SWIFT CSP. Cybercriminals are becoming quickly smarter, and we are developing more sophisticated technologies that are becoming fundamental for banks to implement innovative platforms that promote improved transaction processes and provide relief and security for customers.”
Onur Ozan, Head of the Middle East, North Africa & Turkey, SWIFT, said: “With the Customer Security Programme, SWIFT is reinforcing the security of the entire global banking system. Worldwide, financial institutions are adopting SWIFT’s CSP as attackers prove increasingly determined and cunning. The CSP is delivering tangible results, supporting institutions in stepping up to this growing threat.”
The conference included several discussions focusing on SWIFT CSP and CSCF initiatives and the profound impact that such could have on finance and banking environment, emphasizing the evolution of the payment landscape as a primary reason to adopt safer security measures.