Highlighting its commitment to the international fight against fraud, UAE Banks Federation (UBF) has signed up with firms as well as companies across the world to assist educate financial specialists and customers on the expanding hazard during the International Fraud Awareness Week 2018 (11-17 November) partnered with the Association of Certified Fraud Examiners (ACFE), the world' s largest anti-fraud company and premier service provider of anti-fraud training as well as education and learning, to sustain its initiatives to minimize the effect of fraudulence by advertising anti-fraud understanding and education.

" With the increasing pace of the development of cybercrimes and economic scams in magnitude and intricacy, partnership among financial institutions as well as industry stakeholders to spend as well as advertise counter-fraud procedures, in addition to share information and also intelligence has actually come to be crucial. In line with its dedication to protect the UAE's financial sector, UBF has introduced several initiatives that will certainly contribute to industry-wide initiatives towards future-proofing the banking ecosystem.

Consequently, we are pleased to companion with ACFE to mark International Fraud Understanding Week 2018 to more reinforce our fight against fraud in the country," H.E. Al Ghurair added.

According to newest reports, fraud prices organizations worldwide an approximated 5 percent of their yearly earnings. The international cost of cybercrime has actually now reached as long as $600 billion in 2018, growing greatly from $445 billion in 2014. 1 Amongst a wide variety of counter-fraud initiatives, UBF is totally sustaining the International Fraudulence Recognition Week 2018 by promoting the project and also informing banking specialists on the relevance of the requirement for curbing fraudulence.

Earlier this year, UBF hosted a workshop to highlight key features and functionalities of its cyber hazard intelligence sharing system, Tasharuk. The federation released in 2017 the system for information sharing among rely on cyber threats to better recognize, find, and reply to cyber-attacks in the financial industry.

The federation has likewise organized a workshop on Customer Security Program for financial specialists, in cooperation with SWIFT, the world's leading company of secure monetary messaging solutions. The event highlighted the increasing value of developing a resilient protection against ever-evolving cyber-attacks in the financial and also financial market to safeguard the passions of banks, stakeholders and consumers specifically.