Reinforcing its role in fighting the growing threat of fraud, the UAE Banks Federation (UBF), the professional body representing for 48 banks in the UAE, and for the second consecutive year, introduces its complete support to the International Fraud Awareness Week as an ambassador of scams understanding during the project that runs from 12-18 November.

The UBF joins a group of organizations to partner with the Association of Certified Fraud Examiners (ACFE), the world's largest anti-fraud company and premier service provider of anti-fraud training and education, to sustain the annual Fraudulence Week activity that champs the need to proactively deal with fraudulence and aid secure organisations and investments from the expanding fraud trouble.

" Our collaborations with ACFE can be found in a year that saw a spate of cyberattacks and data breaches, which shook the entire world and cost billions to business around the world. As a major stakeholder in the UAE's financial solutions sector and the broader economy, we comprehend our responsibility in the direction of striving for an ecosystem without scams, corruption and all kinds of monetary criminal offense, where services can grow and accomplish their objectives and growth targets.

Educating companies and workers about the developing landscape of fraudulence, and informing them of the current patterns in fraud avoidance and detection are the initial steps to reducing the direct exposure and effect of fraud, and this is what we are aiming to accomplish by participating in this unique initiative," said H.E. Abdul Aziz Al Ghurair, Chairman of the UAE Banks Federation.

Inning accordance with ACFE's 2016 Report to the Nations on Occupational Fraud and Abuse, fraud costs companies worldwide an approximated 5 percent of their annual incomes, which might quickly face billions. 1 The Telecoms Rules Authority (TRA) of the UAE stated last month that it handicapped a total of 561 cyberattacks, the 2nd most reported crime faced by services in the Middle East, targeting public and private organization in the initial fifty percent of the year alone. 2

ACFE President James D. Ratley, CFE, stated that the assistance of companies around the world assists make Fraud Week an effective device in raising anti-fraud awareness.

" The latest statistics expose that fraudulence isn't really going away, and business that do not have safety measures in position stand to lose one of the most," Ratley claimed. "That's why it is reassuring to me to see many businesses, agencies, colleges and various other organizations involved in the Fraudulence Week activity. The initial step in combating fraud is elevating understanding worldwide that it is a significant trouble that calls for a proactive method toward stopping it."

" Because our very first Fraud Week almost Twenty Years back, the activity remains to grow," Ratley stated. "I exuberantly give thanks to all the fans of Fraud Week for making it exactly what it is today."

As part of its continual efforts to raise public understanding, the UBF has actually recently released easy-to-implement suggestions on financial fraud. Additionally, the Fraud Avoidance Board of the company has plans to introduce its initiative asking for producing a central fraud repository, in cooperation with Al Etihad Credit Bureau (AECB), in order to alleviate application and lending fraud in the UAE.