CBE Partners with Visa to Launch First Egypt Fraud Combating Forum
The Central Bank of Egypt (CBE) has partnered with Visa to host the inaugural Egypt Fraud Combating Forum, marking the first time a central bank has fully sponsored a global forum dedicated to combating fraud.
The forum aimed to heighten awareness among Egyptian banks and financial institutions about emerging fraud trends and effective mitigation strategies.
The forum attracted a notable assembly of industry leaders and experts. Among the distinguished attendees were Tarek ElKholy, Deputy Governor of the CBE; Mohamed Aboumoussa, 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.
The event saw participation from approximately 150 professionals specializing in fraud prevention, information security, and risk management. These attendees hailed from banks and financial institutions supervised by the CBE, as well as relevant regulatory and financial bodies operating within the Egyptian market.
Additionally, representatives from the Association of Certified Fraud Examiners (ACFE) and the Payment Card Industry Security Standards Council (PCI SSC) were also present.
In his opening remarks, Tarek ElKholy emphasized the forum’s alignment with the CBE’s ongoing efforts to advance the skills of banking professionals and bolster the sector’s fraud prevention capabilities.
“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.” ElKholy said.
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Charles Lobo of Visa echoed this sentiment, emphasizing the critical role of digital technology in modern financial transactions.
“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.” Lobo stated.
Lobo also praised the CBE’s leadership in enhancing financial transaction security stating, “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.”
