Originally published in November, 2015.
In the UAE, one in every two households has something in common: they are customers of Mashreq. Founded in 1967, Mashreq has been one of the foremost banks in the UAE and has expanded their presence to include retail locations in Egypt and Qatar. The bank is present in 12 countries both regionally and internationally.
With almost 50 years of experience to rely on, Mashreq understands how ubiquitous fraud can be, no matter how diligent prevention experts may be. Gurcharan Chhabra, CFE, Head of the Fraud Prevention & Intelligence Division for Mashreq, explained that it is because of this knowledge that they decided to become a Corporate Alliance member with the ACFE. In order to best deal with fraud, Mashreq sees transparency within the industry as "one of the strongest tools in the fight against fraud." Chhabra said they are a member of the UAE Banking Federation (UBF) Fraud Prevention Committee & Industry Fraud Forums where "emerging fraud trends and risks are shared and counter measures discussed. [We] also report fraud incidents to the regulator to enable them to respond to emerging risks and share information with the industry and law enforcement authorities."
In addition to sharing information with authorities, law enforcement agencies and industry forums, Mashreq puts a heavy emphasis on internal education. The bank requires all employees to complete a fraud awareness e-learning training program annually. The program goes over steps to take in reporting fraud as well as the latest trends and risks. Mashreq’s in-house team of anti-fraud professionals utilize all resources available to Corporate Alliance members, as well as their knowledge from becoming CFEs to better educate their colleagues as to the risks.
Gurcharan Chhabra, CFE (far right) and the management team of Mashreq's Audit, Fraud & Compliance Group
Chhabra says that partnering with the ACFE has provided Mashreq with benefits greater than just industry weight. "Being the first bank in the Middle East to establish a Corporate Alliance with the ACFE has immensely helped strengthen Mashreq’s vision of zero tolerance of fraud and sent a strong message of deterrence to those attempting to defraud the bank. While Mashreq has robust processes in place to prevent and deter fraud, the ACFE Corporate Alliance has provided unique access to leading-edge tools, training and resources in the fight against fraud."
The bank is especially pleased and excited to be a part of the first ACFE conference in the Middle East, taking place in Dubai, February 14-15. Chhabra said, "It’s going to be beneficial for all the industries and add great value for the participating organizations to gain knowledge and information on key issues and challenges faced on the subject. ACFE brings in renowned speakers who are experts in their field and the learning environment encourages delegates to exchange experiences, ideas and practices from their own companies."
With such a large presence in the Middle Eastern region, Mashreq continues in their fight against fraud both externally and internally. Their customers can feel safe in the knowledge that their bank is one of the leaders in fraud prevention, both locally and regionally.
Contact for more information:
Phone: (800) 245-3321
International: +1 (512) 478-9000