#cyberfraud | #cybercriminals | Firms to combat cyberattacks and fraud in UAE banking sector


The event in progress in Abu Dhabi on Monday.

Business Bureau, Gulf Today

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, on Monday hosted the ‘SWIFT Customer Security Programme (CSP)’ conference. The CSP conference, which took place in Abu Dhabi, witnessed industry experts coming together to discuss how the widespread implementation of SWIFT CSP can support banks in combating 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 programme, 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,  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 localised 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, emphasising the evolution of the payment landscape as a primary reason to adopt safer security measures.

Meanwhile, a meeting between members of the CEOs Advisory Council of the UAE Banks Federation (UBF) was held in Dubai to discuss recent developments, issues and advancements in the finance and banking sector in the UAE, with a particular focus on Emiratisation.

Directed by AbdulAziz Al Ghurair, Chairman of UBF, the meeting focused on a wide range of topics, including progress on existing UBF programs and initiatives, advances on Emiratisation efforts, findings and results from UBF’s latest Trust Index Survey, and the upcoming Middle East Banking Forum (MEBF) in November 2019.

Speaking on the occasion, AbdulAziz Al Ghurair said: “The astounding amount of change and transformation in the UAE banking industry means it is increasingly necessary for us to regularly hold these meetings, so that we may analyse key strengths, opportunities, and challenges in the sector. For this specific meeting we identified our priorities based on the current happenings in the financial and banking industry, as well as the overall larger economy. The recent announcement of the creation of more than 20,000 jobs for Emiratis in top-tier sectors, including banking, has driven us to focus on Emiratisation efforts within banks, and evaluate ways of working together to enhance the skills and expertise of UAE nationals. Additionally, we are confident that the banking sector will continue progressing and evolving in lieu of the highly positive results from the recently announce Trust Index Survey 2018.”

Distinctively positioned at the centre of the banking industry, which underpins the economy, UBF has a responsibility to support the UAE’s progressive vision to empower society at all levels. Whether it’s addressing the ever-changing challenges in the market, or developing the skills of UAE nationals to increase their recruitment to vital positions in the industry, UBF is continuously working towards a sustainable and diversified economy.

Current plans and initiatives in the banking sector focus on innovation and digitisation, and aim to provide easy access to multiple government and non-government services. From next month, banks will start adopting UAE Pass, a new mobile app which acts as a digital identity and digital signature solution, enabling individuals to conduct financial transactions, upload documents, validate documents and share data. The Emirates Digital Wallet, a tool aimed at promoting financial inclusion and driving a cashless society, is also being developed and will be launched soon.





Source link

Leave a Reply