Bank Al-Maghrib Takes Steps to Combat Fraud with New Device

Combating Fraudulent Activities on Payment Instruments

In an effort to combat fraudulent activities on payment instruments, Bank Al-Maghrib has set up a new device to capture information on cards and cheques fraud. The aim is to have a comprehensive view of detected cases of fraud, ensuring better monitoring of national fraud and reconciling methods for calculating official rates of fraud.

Identifying and Tracking Fraudulent Activities

The new device will enable the bank to identify and track fraudulent activities more effectively, contributing to the development of targeted corrective or preventive actions.

Types of Frauds

• Cheques fraud: occurs in three main forms:
  • Falsified cheques
  • Counterfeit cheques
  • Cheques with falsified certification
• Cards fraud: may have different sources including:
  • Falsified or counterfeit cards
  • Usurped card numbers
  • Non-received cards

Techniques Used by Fraudsters

Fraud techniques revolve around several key points, including:

• Skimming: copying the magnetic stripe of a payment card using a memory device called a “skimmer”
• Misuse of card data: obtaining sensitive information through phone calls or online means
• Fraudulent opening of accounts
• Identity theft
• Abusive repudiation
• Hacking automated data systems
• Spinning

Vulnerabilities in Cards Sending Procedures

The bank has identified several vulnerabilities in cards sending procedures that can be exploited by fraudsters, including:

• Non-received cards
• Usurped card numbers

Measures to Combat Fraud

To combat these threats, Bank Al-Maghrib is implementing measures to strengthen its security systems and educate customers on how to protect themselves from fraudulent activities.

Goals

By taking proactive steps to prevent and detect fraud, Bank Al-Maghrib aims to:

• Maintain the trust of its customers
• Contribute to the development of a secure and stable financial system in Morocco