On Tuesday, 12 November 2024, the Department of Accounting and Finance organized a national workshop. In an era where electronic cards are at the forefront of financial innovation, a national workshop highlighted the alarming risks of their misuse. The event, titled “Risks of Fraud, Money Laundering, and Terrorism Financing through Electronic Cards,” The workshop featured presentations by prominent speakers Ahmad Haddad and Lara Burhan, each shedding light on different aspects of the topic.
Assistant lecturer Lara Burhan opened the seminar with an insightful overview of electronic cards and their pivotal role in modern financial systems. She emphasized their convenience and widespread use in both personal and commercial transactions. However, she also underscored the vulnerabilities these cards pose.
“Electronic cards are more than just tools for payment—they are now gateways to global financial systems,” she remarked. and she also outlined the key threats, including fraud schemes that exploit the anonymity and speed of electronic card transactions. She also touched on the evolving tactics used by cybercriminals to bypass existing security measures.
Taking the discussion further, Mr. Ahmad Al-Haddad explored the mechanisms through which electronic cards are leveraged for illicit activities such as money laundering and terrorism financing. Using real-world case studies, he illustrated how criminals exploit loopholes in regulatory frameworks to fund illegal activities.
Mr. Ahmad Al-Haddad also presented a robust framework for tackling these issues, including:
- Enhanced Due Diligence: Strengthening customer verification processes to minimize risks.
- Advanced Technology: Employing AI and blockchain to track and flag suspicious transactions.
- Collaboration: encouraging partnerships between financial institutions, governments, and technology providers to share intelligence and bolster security.
“To combat these threats, we must embrace innovation and foster a culture of vigilance,” Haddad stated, emphasizing the need for global cooperation.
The seminar concluded with a call for immediate and collective action to mitigate the risks posed by electronic card misuse. Attendees left with a deeper understanding of the threats and the proactive measures needed to ensure the integrity of financial systems.
By addressing these pressing challenges, the seminar not only raised awareness but also laid the groundwork for innovative solutions to protect global financial and social security. It was a timely reminder that the security of digital transactions is not just a technological issue—it is a shared responsibility that impacts everyone.
