The Central Bank of Egypt (CBE), in partnership with Visa, successfully hosted the first edition of the Egypt Fraud Combating Forum. The forum aimed to educate banking professionals on the latest fraud trends and equip them with the tools to mitigate risks. Additionally, the forum aims at enhancing the banking sector's capacity building, in accordance with the international best practices, as a key pillar in safeguarding financial and monetary stability. The forum was attended by high-level representatives from the CBE, Visa, and other relevant institutions. Attendees also included representatives from the Association of Certified Fraud Examiners (ACFE), the Payment Card Industry Security Standards Council (PCI SSC). This is in addition to around 150 experts in fraud prevention, information security, and risk management. "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." CBE Deputy Governor Tarek ElKholy said. ElKholy asserted that the CBE is dedicated to developing robust frameworks and regulations to strengthen financial institutions' defenses against fraudulent activities. The central bank is also committed 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. For his part, Charles Lobo, Senior Vice President and Regional Risk Officer for Central and Eastern Europe, Middle East, and Africa (CEMEA) at Visa said: "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 $10 billion in technology over the past five years, resulting in the block of $40 billion of fraudulent activities globally in 2023, Lobo noted. "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." Lobo concluded. Attribution: CBE statement
