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Call for the reduction of electronic financial crimes

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Call for the reduction of electronic financial crimes

08/4/2018 12:00 am

In conjunction with the expansion of financial and banking services

Baghdad / Hussein Thugb

The growth and sophistication of the technical and electronic system in the financial and banking sector has increased the volume of banking operations, accompanied by the expansion of the electronic manipulation of this sector as the manipulators are developing their methods according to the development of this new technology, which created new challenges for banks and regulators.

"Financial financial crimes are one of the challenges facing banks, which requires the creation of sound policies and procedures through the development of e-banking risk management and combating electronic financial crimes," said Ali Thamer Al Waeli.

Comprehensive risk management

"Addressing these challenges requires serious action to reduce these risks, which entails significant responsibilities to address them through the adoption of comprehensive risk management to identify these risks, reduce them through regulatory means and develop appropriate operational policies to address them, Responsibility of the financial institution to bear risks"

Article 71 of the European Recommendation 88/11/1 on the relationship between electronic money issuers and consumers states that the bank is responsible to the consumer for the consequences of non-execution or misappropriation of the operations specified in Article 1 of this Agreement, especially if such transactions are carried out through an electronic device The bank controls it directly or individually.

Electronic payment methods

Al-Waeli said, "e-banking is one of the major technological developments in the field of communications and information technology, where new payment methods have been developed that are suitable for the nature and requirements of e-commerce.

It has also created new opportunities for banks to achieve competitive advantage.

New marketing, widespread distribution to achieve long-term profitability, improve the quality of banking service."

Information Security

"The many benefits offered by e-banking remain fraught with many risks, as there is a close correlation between e-processes and information security that can lead to tampering with customers' own balances, or (e-payment) Legitimate".

Technological diversity

The electronic banking operations in the financial sector represent a range of diversified banking services that are established and offered by the banking system, electronic media and other diverse technological media. In accordance with the new global electronic development which has been reflected in all areas of life, The banking sector, which in its work depends on electronic operations in facilitating customer services."

Financial Inclusion

Moreover, the traditional financial institutions are obliged to accelerate the development and modernization of banking services, in line with the principle of financial coverage at the current stage. It requires the administrative and supervisory authorities to prepare, train and qualify employees to deal with these electronic banking systems.

"The rapid growth of information and communication technology has led to the emergence of fundamental changes in the world, both in terms of business and personal life of the general public or the nature of banking and financial in itself, which contribute to the implementation of financial and banking operations more quickly and at a lower cost."

He continued: "The importance of modern banking technology systems in the efficiency of services provided according to indicators of the most important
speed: where the information is saved and retrieved very quickly, and
accuracy: These systems reduce the incidence of errors and the
provision of effort: They need less effort than traditional hand systems,
The amount of information: Systems have the ability to save large amounts of information and data more than Traditional}.

"As a result, this significant development in the field of electronic banking requires serious work to reduce the risks of fraud and electronic financial crimes through the development of regulatory systems and update them continuously from the iPhone private B.

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