Kuwait Banking Association supports the Global Fraud Awareness Week from November 17 to 23, 2024
Deputy Secretary General of the Kuwait Banking Association, Sheikha Al-Essa, stated that the Association is participating as an official supporter of the Global Fraud Awareness Week, which has been organized annually by the Association of Certified Fraud Examiners (ACFE) since 2000 and which will be held this year from November 17 to 23, 2024. The Global Fraud Awareness Week aims to highlight the importance of proactively combating fraud and protecting individuals and companies from the repercussions of this growing phenomenon. The participation of the Kuwait Banking Association, as an official supporter of the Global Fraud Awareness Week, confirms its firm commitment to enhancing community awareness of the risks of fraud and directing integrated efforts to educate in the field of combating it, which contributes to protecting the interests of bank customers and society in general, in line with the directives of the Central Bank of Kuwait.
The Kuwait Banking Association joins hundreds of international organizations supporting the Global Fraud Awareness Week in partnership with the Association of Certified Fraud Examiners. The Association of Certified Fraud Examiners (ACFE) is the world’s largest anti-fraud organization and the leading provider of training and education in this field.
It is worth noting that, according to what was recently announced by the Association of Certified Fraud Examiners (ACFE), the size of global losses resulting from fraud operations amounted to 3.1 billion US dollars. Hence, the Association’s support for the Global Fraud Awareness Week confirms its keenness to combat financial fraud, and stems from the pivotal role played by banks in protecting the interests of customers, enhancing their confidence, and providing a safe banking environment, especially in light of the rapid technological developments that have resulted in more sophisticated and complex forms of financial and banking fraud operations.
In this regard, Al-Essa stressed that local banks – through cooperation and coordination between them and the Association – continue their efforts to address the risks of financial fraud through an integrated strategy based on enhancing cooperation between all concerned parties, including customers and other intervening parties, exploring innovative solutions and thoughtful action plans to address the growing challenges, and establishing a culture of awareness and proactive response to this phenomenon.
Al-Essa also stressed the Association’s efforts to enhance financial and banking culture among members of society, considering this one of the main pillars in combating fraud, as she explained that the Association works side by side with the Central Bank of Kuwait and all banks through the “Let’s Be Aware” campaign, which aims to educate society about financial and banking fraud and ways to combat it through various awareness messages published through media outlets and social media platforms, to ensure reaching various segments of society and establishing a culture of combating fraud and safe dealing with banking services.
For her part, the head of the Anti-Fraud Committee at the Kuwait Banking Association, Sheikha Al-Safi, stressed the importance of the Association’s participation in the World Fraud Awareness Week as part of the banks’ ongoing efforts to reduce financial fraud in all its forms. She considered that this participation reflects the commitment of banks and the union to enhance customer protection and build trust between them and the banking sector.
Al-Safi explained that the Association attaches great importance to cooperation between banks, competent authorities and customers of the banking sector to confront the increasing challenges associated with fraud. She stated that these efforts include developing innovative strategies and implementing well-thought-out plans aimed at reducing risks and providing a safe and sustainable banking environment.
Al-Safi concluded by calling on bank customers to immediately report any fraudulent transactions to the bank, and to take quick measures to stop cards via the bank’s application or telephone service, or to visit the nearest bank branch, until the transaction is verified. Al-Safi stressed that this step is essential to thwart fraud attempts and preserve customer rights, as the bank deals quickly with each case according to the type of fraud and informs the customer of the appropriate procedure to ensure full protection.
