Finance: UAE is committed to supporting the region's efforts to reduce fraud

During the conference. From the source

The Ministry of Finance affirmed the UAE's commitment to supporting efforts in the region to reduce fraud and contribute to maintaining the stability and integrity of financial systems.

It also confirmed that it applies the best modern financial systems to reduce fraud, through systems that determine the financial and administrative powers, the policies followed in creating and monitoring accounts with banks, as well as the powers to sign and approve financial payments.

This came in a speech delivered by the Assistant Undersecretary for Government Financial Management Sector at the Ministry of Finance, Maryam Mohammed Al Amiri, during the Anti-Fraud Conference in the Middle East 2023, which kicked off in Dubai yesterday.

The two-day conference will bring together 300 anti-fraud experts from various sectors across the Middle East.

Al Amiri said that the rapid technological progress and the large spread of digital devices and initiatives have led to the creation of new tools that help fraudsters find security gaps in the protection measures taken by all institutions, which has caused an increase in the number of fraud cases around the world, and consumers losing billions of dollars, especially in the Middle East.

Jamal Saleh, director general of the UAE Banks Federation, said there are intensive discussions with the central bank to amend some laws and legislation to combat bank fraud.

Saleh added in press statements on the sidelines of the conference, that the Union is working with the Central Bank to implement all anti-fraud laws, explaining, for example, that there are cases of «Open banking» that need new controls to secure these operations from fraud, as we propose controls to stop financial fraud with strict measures.