Financial Crime World

Banks in Qatar Take Measures to Prevent Fraud

The financial sector in Qatar has joined forces with ictQATAR’s Cyber Security Division to combat cybercrime and enhance online banking transactions and commerce. This partnership has led to the establishment of the Financial Information Experts Committee (FS-IREC), which aims to identify technology risks faced by the financial sector and develop standards to mitigate them.

The Financial Information Experts Committee

The committee, comprising representatives from Qatar’s Central Bank (QCB) and the banking sector, has developed a new technology risk chapter in the upcoming Instructions to Banks Manual. This chapter outlines best practices for banks to ensure internal and external security measures are in place to prevent fraud.

Internal Security Measures

Internal security measures include:

  • Segregating duties within divisions handling sensitive data
  • Implementing controls on account privileges

External Security Measures

External measures focus on stricter use of credit cards, with user movements closely monitored to detect fraudulent activity.

Collaboration is Key

Malike Bouaoud, ICT Risk Section Manager at Q-CERT and Chairman of the FS-IREC Committee, emphasized the importance of collaboration between banks in Qatar. “The time of security by obscurity is coming to an end, and we’re creating an environment where banks can share information and best practices to enhance security,” he said.

Staying Safe Online

To stay safe online, banking clients are advised to follow these simple yet effective guidelines:

  • Keep your latest contact details on hand
  • Safeguard PIN numbers
  • Conduct transactions in a safe environment
  • Maintain private online banking details

Protecting Against Cybercrime

Cybercriminals target internet users through various methods, including:

  • Online shopping scams
  • Phishing schemes
  • ATM skimming attacks

To avoid falling victim to these scams, it is essential to:

  • Keep software up-to-date
  • Use strong passwords
  • Connect to legitimate Wi-Fi networks
  • Shop on secure sites

Credit Cards and Debit Cards

Credit cards offer better protection when used online due to their specific spending limits, whereas debit cards are connected to personal savings or check accounts. Creating a dummy email account for marketing purposes can also help keep spam out of personal accounts.

Conclusion

It is crucial for all cyber users to remain vigilant and report any suspicious activity to the bank. By following these guidelines and staying informed, individuals can ensure their online transactions are secure and protect themselves from potential fraud. For more information on cybersecurity, visit Q-CERT’s website.