The Egyptian Counterfeit and Fraud Prevention Authority (ECFPA), local banks and Visa International are stepping up their efforts to fight credit card fraud in Egypt, reports Eman Youssef While public and private partnerships have been working to maintain safety and security in the market, the recent technological advancements in Egypt's payment environment and ongoing expansion of its tourism sector have inspired local leaders to push for full cooperation across the industry. The efforts will include other governmental bodies and crime enforcement authorities with the aim of keeping Egypt a low-risk market for credit card transactions. "Egyptian banks are fully committed to cooperating with each other to ensure that customers have access to secure banking services," said Dina Yassa, chairperson of the Egyptian Fraud Forum. The Egyptian Fraud Forum is hosted by Visa International and provides a venue for industry experts to share the latest knowledge and information on fraud practices as well as the means to combat them. "Fortunately, fraud is not a major issue in Egypt but it is present to a certain extent," said Yassa adding that "we need to exert efforts to eliminate it completely." Discussions on various aspects of card fraud and local efforts to promote safe payments were held during the forum. Most people assume that fraud is strictly related to credit cards, but this is not the case, according to Nagah Fawzy, head of ECFPA. "One major obstacle that we are facing in Egypt is our heavy dependence on cash." Fawzy added that electronic payment is "far more secure and transparent." General Manager of Retail Banking at Banque Misr Hoda Shoukry said that "by providing safe and easy-to-use products we can help confront credit card crime." Shoukry added that banks should offer their customers the most advanced and secure services available worldwide, such as chip technogy. According to Mohamed Fawzy, general manager of National Bank of Egypt's Card Centre, switching from cash payments to electronic payment is "very important" for the Egyptian economy. Fawzy said that "the rapid transition to smart cards will have a great impact on the decrease in fraud operations." Tarek El-Housseiny, general manager of Egypt's Visa said that Egypt's fraud rate is "16 basis points, which means 16 cents in every $100." According to El-Housseiny, Egypt is at risk since it is still vulnerable as a target to criminals who focus their practices on the less developed markets which may not have appropriate fraud measures. Recent statistics show that around half the adult urban population in Egypt still does not resort to bank transactions, with only 17 per cent owning a credit card and 97 per cent of Egyptian employees receiving their salaries in cash. Al-Housseiny added that there is still a need to further develop the banking and payment infrastructure so as to enable citizens to "move money quickly, safely and flexibly through electronic channels."
