Financial crimes have become more sophisticated, now exceeding USD5.8 trillion annually, or nearly seven per cent of global gross domestic product (GDP), Standard Chartered Chief Executive Officer Pengiran Aki Ismasufian bin Pengiran Haji Ibrahim said, highlighting the importance of collaboration in addressing the emerging risks in today’s digital landscape.
He made these comments when Standard Chartered Bank recently held events focusing on the increasing prevalence of scams and fraud as part of its initiatives to safeguard both businesses and individuals from the growing threat of cybercrime.
“Financial institutions must lead the charge against these crimes, working closely with regulators, industry bodies, and technology companies,” said Pengiran Aki Ismasufian during the morning session, held at An-Naura Hall of the Yayasan Sultan Haji Hassanal Bolkiah Complex,
It brought together industry leaders, partners and stakeholders to discuss effective strategies in combating fraud.
He also emphasised the need for constant vigilance, “As a collective, it is our responsibility to stay ahead of fraud trends and adapt swiftly.”
Standard Chartered Head of Fraud Risk Strategy Digital Channel Rupinder Kohli, the keynote speaker, presented insights on the evolution of payment fraud systems for financial institutions.
The evening session, held at Tarindak D’Seni in the capital, was aimed at educating clients on fraud prevention and online scams.
Standard Chartered Head of Wealth and Retail Banking Brenda Low, opened the event, emphasising the bank’s commitment to ensuring clients’ safety in an increasingly digital world.
“In this era of digital interactions, the security of our finances is paramount. We strive to build trust in every transaction. We are grateful for the collaboration with our partners and regional office as we work together to protect our clients from the ever-evolving threat of fraud,” said Brenda.
The evening event also featured presentations from Rupinder, and from Senior Superintendent of the Royal Brunei Police Force and Head of the Cyber Crime Division Handri Haji Amin.
Handri delivered a talk on ‘Online Scams in Brunei Darussalam: Aware, Prevent, and Act’.
Meanwhile, Brunei Darussalam Central Bank Senior Manager of Communications Nur Syukrina binti Datuk Paduka Haji Mohamed Roselan also discussed regulatory measures and the importance of fraud prevention initiatives in the financial sector.
The event concluded with a panel discussion featuring Brenda, Rupinder, Nur Syukrina and Handri.
The panel provided a platform for attendees to ask questions and gain deeper insights into combating fraud effectively.
