Banking Fraud Prevention Seminar Highlights Threats and Best Practices
A seminar on banking fraud prevention was recently held at the College of Banking and Financial Studies (CBFS) in Baushar, Oman. The event aimed to provide insights, strategies, and best practices for combating fraud and money laundering risks in the banking industry.
Expert Insights and Discussion
The seminar featured a presentation by Samia Ibrahimo, Head of BPS at Abu Timam Grant Thornton and an expert in fraud examination, forensic accounting, and financial crime prevention. Her presentation covered fraud and money laundering trends in the banking sector, regulatory framework and compliance requirements, detection and investigation techniques for fraud and money laundering, case studies and real-life scenarios, and best practices for fraud prevention and risk management.
Attendees from various Omani government institutions and private sector organizations engaged in interactive discussions, networked with industry peers, and gained valuable insights into emerging trends and challenges in fraud detection and prevention. Nasser AlMughairy, Executive Chairman of Abu Timam Grant Thornton, was the chief guest who shared his own experience and insights from operating an audit firm in Oman for the last 30 years.
The Importance of Staying Informed and Vigilant
The seminar highlighted the importance of staying informed and vigilant in detecting and preventing fraud and money laundering activities. Khalil AlRawahi, President of ACFE Oman Chapter, emphasized that “with increasing sophistication of financial crime schemes, it is imperative for professionals in the banking industry to stay informed and vigilant.”
Badar AlHashmi, CEO and Office Managing Partner of Abu Timam Grant Thornton, reiterated similar sentiments, saying that “by sharing knowledge, experiences, and best practices, we aim to empower banking and other professionals to effectively mitigate fraud and money laundering risks and safeguard the integrity of the financial system.”
Best Practices for Fraud Prevention and Risk Management
The seminar provided valuable insights into emerging trends and challenges in fraud detection and prevention. Attendees learned about:
- The importance of staying informed and vigilant in detecting and preventing fraud and money laundering activities
- Best practices for fraud prevention and risk management
- Detection and investigation techniques for fraud and money laundering
- Regulatory framework and compliance requirements
- Case studies and real-life scenarios
By sharing knowledge, experiences, and best practices, the seminar aimed to empower banking and other professionals to effectively mitigate fraud and money laundering risks and safeguard the integrity of the financial system.