Visa recently participated in a workshop on the latest innovations and best practices in fraud and risk management of digital payments, held in association with the consumer protection department under the Saudi Arabian Monetary Agency (SAMA).

The workshop, held from Oct. 28-29, highlighted the need to equip banks, merchants and the country’s law enforcement machinery, with the necessary checks and balances to counter fraud, while also educating consumers on potential fraud risks. The sessions were organized by SAMA and led by Visa’s local representatives.

Abdullah Ibrahim Alsowayan, director of consumer protection at SAMA, said: “Our main focus at SAMA is to ensure that all the stakeholders in the financial system are safeguarded from fraud and emerging threats in the industry. As card payments continue to grow in the Kingdom, we see an urgent need to inform and educate banks and merchants on how to better identify risk and protect against vulnerabilities.”

Ahmed Gaber, Visa Group country manager for Saudi Arabia, Kuwait, Oman and Bahrain, said: “In Saudi Arabia, there is a growing focus on electronification of payments and laying down the infrastructure to enable new payment systems.”

The topics discussed at the workshop ranged from the types of payment card fraud trends to the evolution of fraudulent activity such as data skimming, fraudulent credits by attacking the payment process flow, wiretapping and ATM cash outs.

Visa also highlighted their role in supporting law enforcement agencies to identify risks and assimilate forensic evidence to streamline the process of cracking down on card fraud-related criminal activity.

Gaber added: “Fraudulent transactions can have adverse effects on the parties involved, leading to high administration costs besides financial losses. For this reason, Visa consistently monitors its security platforms for the region, and fosters effective partnerships with regional governments and partners to ensure safe and secure electronic payments.”