The Central Bank of Egypt (CBE), in partnership with Visa, has hosted the inaugural edition of the “Egypt Fraud Combating Forum” in an effort to raise awareness among employees of Egyptian banks and financial institutions about the latest fraud trends affecting the financial sector. The event, which is the world’s first fraud-combating forum fully sponsored by a Central Bank, further aimed at providing them with the tools and knowledge necessary to mitigate these risks.
The event was graced by Tarek ElKholy, Deputy Governor of the CBE, Mohamed Aboumoussa, the CBE’s Assistant Governor, and Mostafa Khidr, General Manager of Fraud Combating at the CBE.
Visa was represented by 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.
In addition to these key representatives, attendees included professionals from the Association of Certified Fraud Examiners (ACFE), the Payment Card Industry Security Standards Council (PCI SSC), and around 150 specialists in fraud prevention, information security, and risk management.
During the forum, ElKholy reiterated the CBE’s commitment to fostering a safer financial ecosystem in Egypt. He emphasized the importance of continually advancing the skills of banking professionals.
“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.” ElKholy stated.
ElKholy also noted that the CBE is investing in technical support and training programs to enhance the capabilities of employees, customers, and the entire banking sector.
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Charles Lobo, Senior Vice President of Visa, emphasized the importance of collective action in combating fraud, especially as digital technology continues to revolutionize financial transactions.
“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.” Lobo said.
He highlighted Visa’s significant investment in technology, with over USD 10 billion dedicated to combating fraud in the past five years. This investment has enabled Visa to block USD 40 billion in fraudulent activities globally in 2023 alone.
Lobo further stressed that collaboration between governments, regulatory authorities, financial institutions, and consumers is essential for maintaining a secure payment ecosystem. He expressed Visa’s appreciation for the CBE’s leadership role in enhancing the security of financial transactions in Egypt, and welcomed the opportunity to collaborate on this pioneering forum. Visa’s goal, Lobo noted, is to ensure that every payment—whether digital or in person—remains secure, benefiting from the company’s global expertise and best practices.