CBE Hosts First Egypt Fraud Combating Forum

(MENAFN- Daily News Egypt) The Central bank of Egypt (CBE), in collaboration with Visa, hosted the first edition of“Egypt Fraud Combating Forum,” aiming to raise awareness of the Egyptian banks and financial institutions' employees on the latest fraud trends impacting the financial systems, and how to mitigate them. The forum aims at enhancing the banking sector's capacity building, per the international best practices, as a key pillar in safeguarding financial and monetary stability.

The forum was held with the distinguished attendance of Tarek ElKholy, Deputy Governor of the CBE; Mohamed Aboumoussa, CBE's Assistant Governor; and Mostafa Khidr, General Manager of Fraud Combating at the CBE. Key representatives from Visa included Charles Lobo, Senior Vice President and Regional Risk Officer for Central and Eastern Europe, the Middle East, and Africa (CEMEA); Joanne Kubba, Senior Vice President of Government Engagement for Visa in CEMEA; and Malak El Baba, Vice President and Country Manager for Visa in Egypt.

Attendees also included representatives from the Association of Certified Fraud Examiners (ACFE), the Payment Card Industry Security Standards Council (PCI SSC), as well as approximately 150 professionals engaged in fraud prevention, information security, and risk management from banks and financial institutions under the CBE's supervision. Participants also included a wide range of delegates from relevant regulatory and financial institutions operating in the Egyptian market.

In this regard, ElKholy said:“The forum aligns with the CBE's strategy of continuously advancing the skills of banking professionals and enhancing the sector's capacity to combat fraud. The CBE is dedicated to developing robust frameworks and regulations to strengthen financial institutions' defences against fraudulent activities, in addition to providing technical support to enrich the capabilities, awareness, and efficiency of both banking sector employees and customers, as well as reinforcing the banking sector's stability”

Lobo stated:“As an industry, we are at an inflection point. Digital technology has transformed how money moves, and the engine of global commerce now relies on the security of digital and in-person payments. Visa is committed to securing the payment system by deploying decades of expertise, best-in-class talent, cutting-edge solutions, and bespoke processes to identify and mitigate fraud. Visa has also invested over USD 10 billion in technology over the past five years in this domain, resulting in the block of USD 40 billion of fraudulent activities globally in 2023. However, keeping payments safe and secure requires collaboration across all stakeholders including governments, regulatory authorities, financial institutions, and consumers. We at Visa appreciate the CBE's leading role in enhancing the security of financial transactions and protecting customers from fraud and security risks in Egypt. We are also delighted to collaborate with the CBE on this forum, which reflects Visa's holistic approach to security, and ensures all our partners benefit from our global experience and best practices. Our mission is to uplift everyone everywhere by being the safest way to pay and get paid”.

Noteworthy, this is the world's first fraud-combating forum that is fully sponsored by a Central Bank, in a testament to the CBE's dedication towards upholding integrity and transparency, while enhancing the soundness of financial transactions in alignment with the international standards.

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