“With every opportunity comes a threat”, and with every digital account opening comes an opportunity and a threat.
Digital onboarding has witnessed an exponential rise in the past year, as customers’ shift in preferences in favor of online banking transactions. Even though this trend has been an opportunity for financial institutions to widen their client base by targeting new age ranges, specifically millennials, it has imposed an increasing pressure as they struggle to maintain better customer experiences while ensuring data security.
With the steady rise in mobile and online e-commerce transactions, fraudsters have become more sophisticated than ever in accessing and stealing customers’ data and accounts, making it difficult for victims to detect and protect themselves. Therefore, financial institutions have been in an ongoing race with cyber-criminals. Who wins? This not only depends on the proactivity, intelligence, and technology each possesses, but also on the weakest link in the process… the customer!
In 2021 Stay Secure survey launched by Visa, Dubai Police, and Dubai Economy, findings revealed that 4 in 10 UAE consumers have experienced online fraud attempts in the past year. Around a quarter of consumers have experienced phishing, while just under a fifth have experienced credit card fraud and receiving counterfeit goods. Interestingly, the survey also showed that despite the rise in fraud cases, the use of digital payments has almost doubled by an average of 98%.
Where do UAE Banks stand in terms of preventing and fighting internal and external fraud? What challenges are they facing in threat mitigation? What are the most common local & global fraud trends? How are banks raising customers’ awareness on fraud? How is Artificial intelligence and machine learning detecting and mitigating threats?
In line with its constant efforts to raise awareness on Fraud, the UAE Banks Federation in collaboration with Al-Iktissad Wal-Aamal, is organizing a free webinar on “Banking Fraud” on the 7h of December 2021.