UAE Banks Federation official supporter of International Fraud Awareness Week 2018
Highlighting its commitment to the global fight against fraud, UAE Banks Federation (UBF) has joined companies and organizations across the world to help educate banking professionals and consumers on the growing menace during the International Fraud Awareness Week 2018 (11-17 November).
As part of its endeavors marking the yearly anti-fraud campaign, UBF has partnered with the Association of Certified Fraud Examiners (ACFE), the world's largest anti-fraud organization and premier provider of anti-fraud training and education, to support its efforts to minimize the impact of fraud by promoting anti-fraud awareness and education.
“With the increasing pace of the growth of cybercrimes and financial fraud in magnitude and complexity, collaboration among banks and industry stakeholders to invest and promote counter-fraud measures, as well as to share data and intelligence has become critical. In line with its commitment to protect the UAE’s banking sector, UBF has launched several initiatives that will contribute to industry-wide efforts towards future-proofing the banking ecosystem. Therefore, we are pleased to partner with ACFE to mark International Fraud Awareness Week 2018 to further strengthen our fight against fraud in the country,” H.E. Al Ghurair added.
According to latest reports, fraud costs organizations worldwide an estimated 5 percent of their annual revenues. The global cost of cybercrime has now reached as much as $600 billion in 2018, growing sharply from $445 billion in 2014.
Among a wide range of counter-fraud initiatives, UBF is fully supporting the International Fraud Awareness Week 2018 by promoting the campaign and educating banking professionals on the importance of the need for curbing fraud.
Earlier this year, UBF hosted a workshop to highlight key features and functionalities of its cyber threat intelligence sharing platform, Tasharuk. The federation launched in 2017 the platform for information sharing among banks on cyber threats to better identify, detect, and respond to cyber-attacks in the banking sector.
The federation has also hosted a workshop on “Customer Security Program” for banking professionals, in collaboration with SWIFT, the world’s leading provider of secure financial messaging services. The event highlighted the rising importance of building a resilient defense against ever-evolving cyber-attacks in the banking and financial industry to safeguard the interests of banks, stakeholders and customers in particular.