While 61 per cent of consumers in the UAE claim to be scam-savvy, 90 per cent of them are likely to miss fraud warnings, according to a study.
The Stay Secure study conducted by Visa also found that 77 per cent of consumers are likely to respond to positive messages from fraudsters.
As part of its effort to fight financial crimes, Visa signed a Memorandum of Understanding (MoU) with the Dubai Police to join the Operation Centre for Economic Crimes (OCEC). The agreement underscores both organisations’ commitment to combatting fraud and financial crime while reinforcing their long-standing partnership.
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The MoU was signed by Lieutenant-General Abdullah Khalifa Al Marri, Commander-in-Chief of Dubai Police, and Charles Lobo, Visa’s regional risk officer for CEMEA.
The Dubai Police chief affirmed the force’s commitment to decisively confronting such crimes, noting that the UAE has exerted significant efforts to combat economic crimes. He explained that the MoU represents a step forward in the joint efforts, projects and initiatives bolster against fraud and cybercrimes.
Dr Saeeda Jaffar, Visa’s senior vice-president and group country manager for GCC, commented: “In today’s digital-first world, scams are evolving in sophistication with criminals using new approaches to trick unsuspecting consumers. The OCEC is a decisive step forward in the fight against financial crimes. The agreement fulfills Visa’s commitment to enhancing cooperation with our public and private sector partners to better protect consumers, businesses and the wider payments ecosystem.”
Under the terms of the agreement, Visa will help establish the goals, structure, and processes of the OCEC, organise knowledge transfer, conduct training and workshops on payment security and financial crime, participate in initial meetings, pilot and concept validation, and cooperate on live investigation cases.
Located at the Dubai Police HQ, the OCEC is an innovative initiative leveraging innovative methods and cutting-edge technology to protect residents, businesses and local communities against financial crimes.