UAE Banks Federation supports International Fraud Awareness Week 2016

Global campaign aimed at promoting anti-fraud awareness and education runs from 13 to 19 November 2016

Dubai, UAE, November 16, 2016:  Furthering its commitment to protect the banking industry against fraud and help customers bank in a secure and fraud-free online and offline environment, the UAE Banks Federation (UBF) has announced its support for the International Fraud Awareness (IFA) Week, which runs from 13 to 19 November 2016. 

As an Official Supporter of this year’s campaign, UBF joins a cross-section of leading organizations from the banking, financial, technology and telecommunications industries who are participating in the global effort to minimize the impact of fraud by promoting anti-fraud awareness and education. 

“Protecting both the banking industry as well as customers against the risk of fraud is a key priority for UBF,” said H.E. Abdul Aziz Al Ghurair, Chairman of the UAE Banks Federation (UBF). “Support to IFA Week presents an opportunity for UBF to show commitment and join hands with organizations and individuals at the forefront of the global fight against fraud, corruption and money laundering.”

“Advances in technology have meant that fraud attacks are increasing in sophistication. This necessitates a heightened level of collaboration among all stakeholders in exploring innovative strategies and action plans to mitigate the risk of fraud and provide a secure banking environment for customers,” he added.

According to a global fraud survey conducted by the Association of Certified Fraud Examiners (ACFE), a typical organization loses five percent of its revenue each year to fraud. Last year, The Nelson Report stated that losses from worldwide fraud on credit cards, debit cards and prepaid cards totaled USD 16.31 billion in 2014.

“According to the 2016 ACFE Report to the Nations, fraud costs the world an estimated annual loss of $3.7 trillion. It’s an unfortunate truth that fraud isn’t going away, and companies that don’t have protective measures in place stand to lose the most,” ACFE President James D. Ratley said. “That’s why it is encouraging to see so many organizations, like the UAE Banks Federation, involved in the Fraud Week movement. The first step in combating fraud is raising awareness worldwide that it is a serious problem that requires a proactive approach toward preventing it.”

The International Fraud Awareness Week is a worldwide event dedicated to spreading fraud awareness. Established by the Association of Certified Fraud Examiners, the weeklong campaign encourages business leaders and employees to proactively take steps to minimize the impact of fraud by promoting anti-fraud awareness and education.