UAE banks: Staying one step ahead of fraudsters

UAE banks: Staying one step ahead of fraudsters

According to the UAE Banks Federation (UBF) Annual Report 2020, “In light of the rapid changes witnessed in 2020, remote work developments and the growing demand for electronic financial services, the banking sector prepared a superior infrastructure to meet the growing demand in this domain. “Likewise, the CBUAE, which was also alert to the accompanying challenges, urged the banks operating in the UAE to strengthen their immunity against cyberattacks and keep developing their IT infrastructure and cybersecurity capabilities in accordance with the world’s best practices and standards.” In response to this advice, in 2022 UAE banks continue to take significant steps to both safeguard customers’ assets and ensure they are informed and vigilant, staying one step ahead of fraudsters. Miguel Rio Tinto, Group Chief Information Officer, Emirates NBD, said, “Fraud prevention is a top priority for Emirates NBD Group. Over the years, the bank has run many successful campaigns to educate public on fraud and online scams including the #secureyouraccount campaign in partnership with Dubai Police aimed at raising public awareness and education on cyber security. “As part of its commitment to safe, secure banking, Emirates NBD conducts regular SMS, email and social media campaigns to sensitise customers to potential