Kuwait Banking Association backs global effort to combat fraud
International Fraud Awareness Week, held from November 17-23, emphasizes the need to proactively address fraud and protect individuals and companies, as global fraud losses have reached $3.1 billion.
• Shaikha Fawzi Al-Essa, Deputy Secretary-General of the Kuwait Banking Association, emphasized that the association’s support for the ‘week’ underscores its commitment to raising awareness about fraud risks and educating the community, in line with the Central Bank of Kuwait’s directives.
The Kuwait Banking Association has been an official supporter of International Fraud Awareness Week, organized annually by the Association of Certified Fraud Examiners (ACFE) since 2000. This year’s event is being held from November 17 to 23, according to Al Rai newspaper.
The International Fraud Awareness Week aims to emphasize the importance of proactively addressing fraud and safeguarding individuals and companies from its growing impact.
Shaikha Fawzi Al-Essa, Deputy Secretary-General of the Kuwait Banking Association, stated that the association’s participation as an official supporter of the week reflects its strong commitment to raising community awareness about fraud risks and fostering efforts to educate on combating fraud. This initiative contributes to protecting the interests of bank customers and society, aligning with the directives of the Central Bank of Kuwait.
The association highlighted that global fraud losses have reached $3.1 billion. Accordingly, the association’s support for the event underscores its dedication to combating financial fraud and its pivotal role in protecting customer interests, building trust, and ensuring a secure banking environment amid rapid technological advancements that have led to more sophisticated forms of financial fraud.
Al-Essa emphasized that local banks, through cooperation and coordination with the association, continue their efforts to address the risks of financial fraud with an integrated strategy. This strategy focuses on enhancing cooperation among all concerned parties, including customers and other stakeholders, exploring innovative solutions, and developing thoughtful action plans to tackle growing challenges, while fostering a culture of awareness and proactive measures against fraud.
She also highlighted the association’s efforts to promote financial and banking literacy within society, considering this a key pillar in the fight against fraud. She explained that the Union works alongside the Central Bank and all banks through the “Let’s Be Aware” campaign.
For her part, Sheikha Al-Safi, head of the association’s Anti-Fraud Committee, stressed the importance of the association’s participation in International Fraud Awareness Week as part of the banks’ ongoing efforts to reduce financial fraud in all its forms.
She considered the participation a reflection of the banks’and the association’s commitment to enhancing customer protection and building trust between them and the banking sector.
Al-Safi explained that the association places great importance on cooperation between banks, relevant authorities, and banking sector customers to address the growing challenges associated with fraud.
She stated that these efforts include developing innovative strategies and implementing robust plans aimed at reducing risks and providing a safe and sustainable banking environment.
