Under the patronage of the UAE’s Ministry of Finance, the two-day 2023 ACFE Fraud Conference Middle East commenced at the Fairmont, The Palm – Dubai. Over 300 anti-fraud leaders and experts from diverse sectors in the Middle East are participating in the two-day conference. Association of Certified Fraud Examiners are the co-organizers of the conference, which aims to facilitate discussions on trends and tools for fraud detection and prevention.
Her Excellency Mariam Al Amiri, Assistant Undersecretary for Government Financial Management Sector at Ministry of Finance, in her opening remarks, welcomed the participants. She thanked the ACFE for hosting this conference in the UAE. and for their role in executing sustainable initiatives in secure business environments.
Al Amiri stressed the UAE’s commitment to supporting the region’s ongoing efforts to combat fraud and maintain stability and integrity of fiscal systems. Al Amiri said: “Together, we can promote accountability and transparency in the public and private sectors. We can create a secure business environment to boost prosperity across the region. At the conference, we look forward to discussing ways of safeguarding our investment climate, and sharing our experience to reduce fraud cases in the Middle East.”
Join the UAE Ministry of Finance at the 2023 ACFE Fraud Conference Middle East on May 8 and 9, at the Fairmont The Palm, Dubai, to explore new trends, tools, and opportunities in the field of fraud detection and prevention.#fraudconf #mofuae pic.twitter.com/5ps3kjWjTy
— وزارة المالية | الإمارات (@MOFUAE) May 1, 2023
Strides in online payments and frauds
She noted that the online payments segment has made great strides since its inception in mid-1990s. She also highlighted rapid development of online banking, shopping, and other services, driven by technological advancements. She these developments has resulted in a significant rise in digital payments on all types of devices.
The UAE will host the 2023 ACFE Fraud Conference Middle East, under the patronage of the Ministry of Finance and in cooperation with the Association of Certified Fraud Examiners (ACFE), on May 8 and 9, 2023.
To register, visit https://t.co/wve80DyFN2#fraudconf #mofuae pic.twitter.com/DTXce11B7d— وزارة المالية | الإمارات (@MOFUAE) April 27, 2023
Al Amiri mentioned that technological advancements and digital initiatives are providing fraudsters with new tools to penetrate defences. She noted that over the years, there has been a major increase in fraud cases worldwide, with consumers losing billions.
Internal financial controls
Al Amiri said: “Fraud poses a serious threat to us all. If we want to protect our economies, we need to work hand in hand to combat fraud. That’s why we are here today to explore the best means of detecting and preventing fraud. We must devise ways to raise the levels of compliance and internal control to an optimum level. This is in addition to discussing ways of consolidating integrity in public and private sectors in the Middle East. We also need to focus on the best practices and issues that have emerged in light of developments in finance, technology, and sustainability.”
The open session of the UAE Ministry of Finance, as part of the World Government Summit, titled ‘Towards A More Equitable and Growth Enhancing International Tax System’ will take place on March 29 at the Press Conference Room, Expo 2020 Dubai.#WorldGovSummit #WGS2022 #mofuae pic.twitter.com/1MWPRKxAwv
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Collaboration is the key
Al Amiri added: “If we want to make our region secure for investors, we must collaborate for a transparent environment. I am proud to come from a country that has been a frontrunner in this field. Since its establishment, the UAE has positioned herself as a business hub. We are keen on devising strategies for ease of business, attract foreign investors, and diversify income resources. We are dedicated to combating fraud, money laundering, and corruption for a secure investment climate.”
Fraud detection initiatives
Al Amiri noted that UAE government entities are developing and implementing nationwide initiatives to raise awareness about fraud detection and prevention. The National Fraud Awareness Campaign aimed to protect consumers from financial cybercrime and fraud. This campaign educated the public about fraud and the means of preventing it. “At the Ministry of Finance, we take our role in safeguarding the business climate very seriously. This falls within our remit to regulate financial services to the highest standards of quality, efficiency, and transparency. It is also part of endeavours to strengthen the UAE’s competitiveness in fiscal and economic field,” she said.
“The Ministry of Finance deploys the best modern financial systems to reduce fraud through systems. These are with regard to financial and administrative powers & policies for establishing and monitoring bank accounts, and powers to sign and approve financial payments. This is in line with our commitment to apply best practices that reduce the risks of fraud. Despite risks associated with digital technology, it has contributed in some way to reducing the occurrence of fraud. It has saved individuals exploitation through strict and meticulous regulatory systems.”
Finance Ministry’s anti-fraud manual
Al Amiri noted that the Ministry of Finance has developed the anti-fraud manual in 2018 to combat fraud in the federal government. It aims to enhancing transparency and integrity, and reducing corruption. The manual is implemented by all federal entities. She said that the ministry holds training workshops for federal entities on enhancing application of anti-fraud manual.
Al Amiri also noted that the ministry established a secure and confidential communication channel that can be accessed by all our stakeholders. Through the channel, they can report cases of corruption or violations without any fear of retaliation.
Bruce Dorris, President and CEO of Association of Certified Fraud Examiners (ACFE) said: “We greatly appreciate the support and partnership with the UAE Ministry of Finance for our eighth Middle East Fraud Conference. With new fraud threats arising everyday, it is important to have events like this one. They help us learn from financial crime experts and one another to prevent financial frauds. The Ministry of Finance has demonstrated commitment to anti-fraud systems by being a part of this conference.”
The first day of the conference comprised two panel discussions. The first one was titled “Operational Shifts and Their Impacts on Financial Industry”. The second was titled “Managing Fraud Risks in Sustainability Initiatives”. A session was also held on the evolution of fraud in the global financial market. While another one focused on how to pass the CFE exam.
On the second day, a symposium will be held on “Harnessing the Power of Fraud Technology”. A panel on “Navigating Fraud-Related Compliance and Ethics Challenges” will also be held. Moreover, there will be a workshop on Fraudsters’ modus operandi and the differences between traditional frauds and cyberfrauds.
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