In order to avoid financial fraud, banks in the UAE have developed a new network to authenticate papers.
A new programme to combat the use of fraudulent papers has been developed, according to Jamal Saleh, director general of the UAE Banks Federation, and it has been effective in arresting a number of them.
“To determine if documents are authentic or not, we built a network. If one is caught, and a few more catch a few, you avoid paying for the entire import of the entire shipment, which is worth tens of millions. A fresh method of deception emerges every day, he claimed.
A few cases of fraudulent documents being used to sell homes, defraud businesses, and other things have occurred. Speaking at the 2023 Association of Certified Fraud Examiners (ACFE) Fraud Conference Middle East, Saleh noted that the UAE Central Bank, which is very active in terms of legislation to deal with such difficulties, is always a partner in their efforts. He said that the Central Bank published 83 rules in only one year, demonstrating the regulator’s high level of activity and readiness to address any problem.
He emphasised that in order to combat fraud, customer knowledge and education are crucial.
“All the efforts being made by others are comparable to people being cautious about callers, messages, or emails… I don’t believe that scams can be completely eliminated, but I do believe that they can be decreased,” he added, adding that the Federation works with law enforcement to resolve consumer problems.
“How to ensure that people are sufficiently informed of what is good and what is not is one important concern. The main obstacle will still remain that, he predicted.
Jamal Saleh continued by saying that if users use their accounts responsibly, there is no chance that their accounts would be compromised.
According to Mariam Al Amir, assistant undersecretary for general financial management at the Ministry of Finance, raising awareness of these issues is the most crucial step in defending economies from cyberfrauds.
“We need to work together to increase security and stability in our region if we want to make it safer. In this sense, the UAE’s efforts were groundbreaking, she added in her opening comments on the first day of the two-day summit.