Egypt’s central bank, EBI launch anti-fraud training for bank staff

Egypt’s central bank announced on Sunday a new training programme aimed at strengthening the banking sector’s ability to detect and prevent fraud, as part of broader efforts to safeguard financial stability.

The programme, titled Foundations of Fraud Combating, was developed in coordination with the Egyptian Banking Institute (EBI) and is designed to raise awareness of rapidly evolving fraud schemes and improve banks’ responses to financial crimes.

Mostafa Khidr, general manager of the Fraud Combating and Financial Crimes Centralised Department at the Central Bank of Egypt (CBE), said the initiative seeks to build a shared understanding of different forms of banking fraud and the frameworks needed to counter them effectively.

“Fraud combating is a shared responsibility, not an individual effort,” Khidr said, adding that strong policies and internal controls must be matched by awareness and vigilance from institutions, employees, and customers to be effective.

EBI Executive Director Abdel Aziz Nossier said the programme marks a new milestone in efforts to upgrade the skills of banking professionals. He said the course, developed under the CBE’s supervision, equips participants with practical tools to detect and prevent fraudulent activities, underscoring the importance of investing in human capital to build a secure and sustainable banking sector.

The programme targets banking sector employees across various functions and seniority levels. It covers different types of fraud that staff and customers may encounter, methods to block fraudulent attempts, and the impact of fraud on the banking system through real-life case studies.

Participants will also be trained on the appropriate actions to take when fraud is detected or suspected, the central bank said.

Attribution: Amwal Al Ghad English