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UBF and SWIFT collaborate to combat cyber attacks and electronic fraud in the UAE’s banking sector

UBF and SWIFT collaborate to combat cyber attacks and electronic fraud in the UAE’s banking sector

Industry experts gathered to discuss how Swift's implementation of its "Customer Security Programme" could support customers in combating cybercrime and reducing electronic financial fraud in the UAE's banking sector.

In a joint effort to improve the secure and stable financial landscape in the UAE, UAE Banks Federation (UPF) in partnership with Swift, a leading provider of secure financial messaging services, held Swift Customer Protection Program (CSP) conference today. The CSP conference in Abu Dhabi discusses how industry experts, together with the widespread implementation of Swift CSP, can support banks facing all kinds of cyber attacks by applying them with the information and tools needed to mitigate electronic financial fraud.

Swift CSP aims to strengthen the overall security of the global banking system by enhancing information sharing across the community, developing Swift-related tools for customers, sharing best practices for fraud detection, and supporting to third-party providers. Through this program, Swift has recently introduced the Customer Security Control Framework (CSCF), which outlines a series of mandatory and advisory security controls for customers, which will help strengthen and improve cyber security standards across the UAE.

Commenting on the occasion H.E Abdul Aziz Ghurair, Chairman of UBF, said: “In the context of rapid technological innovation, the cybercrime threat has increased significantly over the years, and the localized phenomenon of payment fraud has reiterated the need for greater and more extensive partnerships to address these issues. In keeping with our commitment to fostering a safe and secure banking environment across the UAE, we are pleased to partner with Swift to promote the professional adoption of Swift CSP. Cybercriminals are rapidly becoming smarter, and we are developing sophisticated technologies that enable banks to implement innovative platforms that promote advanced transaction processes and provide relief and security to customers.”

SWIFT's head of the Middle East, North Africa & Turkey, Onur Ozan, said: “Through the Customer Security Program, Swift is strengthening the security of the entire global banking system. Financial institutions are embracing Swift's CSP as the attackers prove increasingly assertive and cunning. The CSP is delivering tangible results and supporting institutions to advance this growing threat.

The conference included a number of discussions focusing on the Swift CSP and CSCF initiatives and the profound impact that such could have on the financial and banking environment, highlighting the evolution of the payment landscape as a key reason for implementing safer security measures.