Protection Against the Unseen:

• Set the right leadership tone

• Implement advanced prevention and detection models

• Perform periodic fraud risk assessment

• Ensure accountability and enforcement

• Create Communication channels

Cyber Risk is an operational business risk that can directly impact the organizational reputation or subject it to regulatory fines. This warrants the adoption of appropriate decision rights and governance to support the agility emerging technology, and other needs of banking sector organizations.

Marwan Zalloum
Director, Advisory
KPMG in Qatar

Key Takeaways

  • There is an urgent need for banks to address vulnerabilities and enhance their fraud prevention and detection controls to mitigate the potential financial and reputational damage caused by undetected fraud in digital channels. 
  • Data privacy emerges as a robust shield against fraud, with cybercriminals targeting financial institutions for unauthorized access to sensitive customer information. 
  • Data protection serves as a crucial defense, aiding banks in protecting information, building customer trust, and enhancing security against phishing and scamming incidents

The dynamic nature of today's digital banking environment demands constant vigilance against fraud. The integration of new service channels necessitates the deployment of stringent fraud prevention strategies. Utilizing advanced technologies is no longer a luxury; it is a fundamental requirement to protect operational integrity and maintain customer confidence.

Tibet Erdogan
Manager, Advisory
KPMG in Qatar

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Thriving in the Digital Era

Qatar Banking Perspectives - 2023

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