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Khan: GCC banks well-positioned to be among the world’s leaders in fighting fraud.
The Gulf Cooperation Council (GCC) banks can lead the global fight against fraud, which totals nearly $4tn in revenue losses per year, one of the world’s leading technologists said in Doha yesterday.
The global banking and financial services sector has one of the greatest number of fraud cases, with total fraud cases causing organisations to lose 5% of their annual revenues or $3.7tn in total per year, with 22% losing at least $1mn, according to a report by the Association of Certified Fraud Examiners.
“GCC banks are largely unburdened by complex, legacy IT systems, so they are well-positioned to be among the world’s leaders in fighting fraud,” said Irfan Khan, chief technology officer for Global Customer Operations, SAP, told the Information Security Conference for the Financial Sector, being organised by the Qatar Central Bank.
Their simple, holistic, and agile IT solutions can improve governance, risk, and compliance, he said, adding real-time analytics will be essential for detecting, analysing, and preventing fraud, and catching fraud perpetrators before the losses mount, and for driving competitiveness.
In the Middle East, one in five organisations (21%) report economic crimes, but there is a widespread lack of effective tools, as only 5% of fraud was detected by internal audit, according to a recent report by PricewaterhouseCoopers.
Anticipating the growing need, SAP has seen strong GCC demand for its fraud management analytics solution, which runs on the ‘SAP HANA’ platform, which aims to help organisations reduce financial loss by preventing, deterring, and detecting fraud through pattern identification, simulations and fewer false positives.
In the Middle East, SAP solutions manage $1.6tn in assets, including the 10 safest banks in the Middle East and Africa. SAP counts 14,100 banking customers in 150 countries, managing $70tn in assets.
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