The Emirates Banks Union works in collaboration with member banks to provide essential guidance to enhance awareness of electronic security issues, such as using strong passwords and recognizing forms of electronic financial fraud. The union has established a joint platform for monitoring and exchanging information around fraud, aimed at empowering banks to enhance cooperation in combating financial fraud.
The union is implementing the fourth annual campaign to combat fraud in collaboration with a group of relevant entities in the Emirates, and calls on bank clients to take necessary measures to prevent financial fraud, especially during promotional offering periods across digital channels in seasons and holidays.
Jamal Saleh, the General Manager of the Emirates Banks Union, pointed to the state's progress in detecting fraud and using advanced technologies such as artificial intelligence and machine learning to enhance fraud detection capabilities. The campaign efforts include awareness of various types of fraud and ways to respond through various media.
With the ongoing digital transformation, the value of digital payments in the Emirates increased by 53% in 2023, and is expected to reach $43 billion by 2028. The state is enhancing awareness of fraud risks and providing training for sector workers to improve their capabilities in combating fraud.
The Emirates Banks Union is working with the United Arab Emirates Central Bank to increase awareness of financial crimes and contributes to raising awareness about financial fraud through the awareness campaigns it conducts. Individuals must exercise caution when conducting digital financial transactions to avoid fraud, especially during holiday periods and celebrations that witness an increase in online shopping and transactions.
