Central Bank of Egypt and Egyptian Banking Institute Launch “Foundations of Fraud Combating” Training Program for Banking Sector Employees

Within the framework of the ongoing efforts to advance professional competencies within the banking sector and strengthen resilience against emerging challenges, the Central Bank of Egypt (CBE), in coordination with the Egyptian Banking Institute (EBI), announced the launch of a new training program “Foundations of Fraud Combating”. This program aims to highlight the latest and rapidly evolving fraud schemes.

In this regard, Mr. Mostafa Khidr, General Manager of Fraud Combating and Financial Crimes Centralized Department at the CBE, stated that, “This training program is a strategic opportunity to raise awareness and build shared understanding of diverse fraud conducts and the frameworks for combating banking fraud, achieving rapid responses and applying mitigation techniques, in addition to establishing a clear and unified definition of banking fraud. He further stressed that fraud combating is a shared responsibility, not an individual effort, emphasizing that while the implementation of robust policies, procedures, and internal controls are vital, they will only yield when paired with the requisite awareness, vigilance, and commitment from the institutions, their employees, and their customers”.

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For his part, Dr. Abdel Aziz Nossier, Executive Director of the EBI, highlighted that the launch of the new training program, “Fundamentals of Fraud Combating,” is a new milestone in the steadfast efforts to advance the capabilities of banking professionals. He noted that the program – developed under the CBE’s supervision – aims to empower participants with essential knowledge and practical skills to detect and prevent fraudulent activities. Dr. Nossier also emphasized that investing in human capital development is a key cornerstone in building a more secure and sustainable banking sector.

The newly launched program aims to build the capacities of the banking sector employees to detect and mitigate fraudulent activities, as it targets professionals across various specializations and job levels within the banking sector. During the program, participants will be introduced to the different types of fraud that bank employees or customers may encounter, as well as effective methods to block such attempts. Additionally, the program underscores the impact of fraud on the banking sector through real-life case studies and outlines the appropriate actions to be taken upon discovering or suspecting a fraudulent incident.