ONLY webinars - visit ONLY webinars - visit
Advanced Search
Home / Features / Combatting cheque fraud a priority for UAE Banks Federation
Special Features

Combatting cheque fraud a priority for UAE Banks Federation

Counterfeit cheques currently expose banks, businesses and customers to financial, reputational and legal risks, and with sophisticated printing technologies incidences of fraud have increased. This phenomenon has led the UAE Banks Federation, UBF, to combat such risks, including the hosting of a workshop, in coordination with the UBF IT Committee, dedicated to addressing new and innovative approaches in combatting cheque fraud. The workshop identified proposed improvements to the current cheque verification process, specifically how changes could be made to limit incidences of fraud and support the nation’s move towards becoming a cashless society.

During the workshop, UBF speakers stated that going forward, member banks would increasingly seek to make use of QR codes to improve cheque security, introducing enhanced encryption technology to discourage fraud.

The new automated approach is expected to use a cryptographic protocol, a one-way identifier – called a HASH – which uses an algorithm to combine a random number with a Magnetic Ink Character Recognition, MICR, data. It will see individual cheques allocated a random number that can then be read electronically during an automated validation process. The number is unique to the specific cheque and will ensure that only legitimate cheques will be honoured by banks.

Commenting on the decision by UBF members to embrace this innovative new technology, AbdulAziz Al Ghurair, UBF Chairman, said, "We are committed to enhancing the security of the UAE financial system and today’s announcement is further evidence of our collective desire to tackle the issue of cheque fraud.

"By introducing technology that allows us to detect problems in real time, we are confident that we can lessen the impact of fraud on our customers. In addition, these changes will improve operational efficiency, reduce costs and lay the foundations for further innovation that will benefit the banking sector," he added.

The workshop witnessed large attendance from IT, Operations and Fraud Prevention divisions from UBF member banks, with the Federation planning to organise further programmes to confirm the execution of this initiative with the aim to combat cheque fraud in the banking industry.

We accept Guest Posts

  All fields are mandatory
Your Name
Your Comments
 Max 250 characters - Word Count :
Image Verification
Change Image


View Special Features by Category
Airlines & Airports
Art & Gallery
Banks & Financial sector
Car Industry
Dubai Government
Dubai Metro
Education & Institutions
Events & Occassions
Exhibition Center
Family Shows
Food & Beverages
Free Zones
Golf Clubs
Government Departments
Health & Fitness
History & Culture
Hospitals & Clinics
Hotels & Hospitality
Identity cards
Internet Services
Media & News
Online Food Service
Online Store
Other Emirates
Parks & Beaches
Precious Metals
Real Estate & Property
Religion & Culture
Resorts & Clubs
Shopping Malls
Special Centres, Groups & Communities
Sports & Events
Sports Bars
Things To Do
Trade Fair
Travel & Leisure
UAE Market News
VIP Services
Wedding Planners

Back to top

News Alerts
News Alerts
Stay ahead with abu dhabi news
dcg mobile
adcg Mobile
With you wherever you go
rss feed
RSS Feeds
Get the latest
dubai blog
Abu Dhabi Blog
Your space, your voice
ADCG at a glance