Dubai: In a collective effort to promote a secure and stable financial landscape in the UAE, the UAE Banks Federation (UBF), in partnership with SWIFT on Monday hosted the ‘SWIFT Customer Security Programme (CSP)’ conference in Abu Dhabi.

SWIFT is the leading provider of secure financial messaging services. SWIFT CSP is an initiative aimed at reinforcing the overall security of the global banking system by improving information sharing throughout the community, enhancing SWIFT-related tools for customers, sharing best practices for fraud detection and enhancing support by third party providers.

Through the programme, SWIFT has also recently launched the Customer Security Control Framework (CSCF), which outlines a series of compulsory and advisory security controls for customers, which can help them strengthen and improve cyber security standards across the UAE.

“On the back of accelerated technological innovation, the threat of cybercrime has significantly increased over the years, and the localised instances of payment fraud have reiterated the necessity for greater and more extensive partnerships to solve these issues,” said Abdul Aziz Ghurair, Chairman of UBF.

Widespread implementation of SWIFT CSP is expected to support banks in combating all types of threat of cyberattacks by equipping them with necessary information and tools to mitigate electronic financial frauds.

“With the Customer Security Programme, SWIFT is reinforcing the security of the entire global banking system. Worldwide, financial institutions are adopting SWIFT’s CSP as attackers prove increasingly determined and cunning. The CSP is delivering tangible results, supporting institutions in stepping up to this growing threat,” said Onur Ozan, Head of the Middle East, North Africa & Turkey, SWIFT.