UBF: Customer Awareness First and Strongest Line of Defence Against Financial Fraud
The UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, has reiterated its call for customers to take necessary precautions against financial fraud, particularly during holiday seasons that witness a surge in promotional offers through digital channels. The Federation emphasised that customer awareness is the first and strongest line of defence against financial fraud.
UBF, under the direct supervision of the Central Bank of the UAE, continues to enhance awareness about financial crimes, including the National Fraud Awareness Campaign. Since its inception in 2020, the campaign has played a crucial role in raising customer awareness and encouraging them to take necessary precautions.
Mr. Jamal Saleh, Director General of UBF, said: “Under the guidance and supervision of the Central Bank of the UAE, the banking sector in the country has firmly established itself as a global financial and banking hub. The sector is dedicated to providing a secure and seamless banking experience by leveraging the latest technologies, scientific advancements, and accumulated expertise.” He highlighted that these initiatives and efforts have strengthened customer confidence in the banking sector, with a customer trust rate of 90%, surpassing many advanced financial markets worldwide. Additionally, the banking sector remains the most trusted industry in the UAE.
The Director General explained that UBF launched the National Fraud Awareness Campaign in partnership with strategic partners to support customers, society, and the economy amid the rapid digital transformation of the banking sector and increasing financial fraud attempts. Last year, we organised the fourth annual campaign in collaboration with the Central Bank of the UAE, the UAE Cybersecurity Council, Abu Dhabi Police, Dubai Police, and the Telecommunications and Digital Government Regulatory Authority.
UBF, along with its member banks, provides essential guidance on topics such as secure password usage and identifying online banking fraud. The campaign covers various fraud-related topics, including email fraud, social engineering fraud, and phone scams, through multiple media such as articles, educational videos, and social media posts to enhance customer awareness on how to detect and avoid fraud.
The Director General of UBF further emphasised that these collective efforts have led to a significant increase in awareness of financial and cyber fraud. He cited findings from a recent study conducted by the UAE Cybersecurity Council and Trends Research & Advisory, revealing that 65% of respondents expressed confidence in their ability to identify fraud despite evolving tactics and techniques. However, caution remains crucial, as the study also found that 56% of UAE residents experience at least one fraud attempt per month, with credit cards and bank transfers being the most commonly targeted payment methods.
He added: “During holiday seasons such as Eid Al-Fitr, digital transactions and online payments increase significantly. This serves as a timely reminder for our valued customers to take necessary precautions to avoid fraud during these periods. We are also intensifying our efforts to provide customers with safety tips related to digital banking services, e-commerce security, and social media protection.”
He affirmed that the UAE banking sector is distinguished by its advanced digital infrastructure and sophisticated fraud prevention systems. Initiatives such as Cyber Wargaming —organised annually by UBF under the supervision of the Central Bank and the UAE Cybersecurity Council—play a vital role in strengthening cybersecurity and enhancing the security of digital infrastructure.
With the rapid pace of digital transformation, digital payments in the UAE continue to grow significantly. In 2023, digital payments increased by 53%, reaching a total value of $43 billion (AED 157.8 billion). This figure is projected to rise to $132 billion (AED 484.4 billion) by 2028, according to global research estimates.
Mr. Jamal Saleh also highlighted the UAE’s substantial progress in fraud detection and mitigation, attributing this success to several initiatives and measures, including the adoption of advanced technologies such as artificial intelligence, machine learning, and biometric verification to enhance fraud detection capabilities. He noted that the UAE has been a pioneer in raising fraud awareness and providing training and support to banking and financial professionals to improve their fraud detection and prevention skills.
The UAE is well-positioned to maintain its leadership in this field through continuous investment in technology, training, and collaboration. He further emphasised that UBF has established a joint fraud monitoring and information-sharing platform, enabling banks to exchange data and collaborate in combating financial fraud. This platform helps detect and prevent fraudulent activities by facilitating the sharing of fraud-related information and patterns of suspicious activity.
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