BHB supports BAB’s national campaign against Fraud

Manama, Bahrain Bourse (BHB) announced supporting the national campaign against fraud launched by Bahrain Association of Banks (BAB) to promote the awareness of several electronic fraud operations targeting financial services.


During the campaign, awareness messages under the hashtag (#Be_Alert) will be communicated through diverse digital channels directed at all segments of financial services users in the Kingdom of Bahrain to help combat fraudulent activities and curb its spread.


Chief Operating Officer of Bahrain Bourse, Mrs. Narjes Jamal commented: “Financial knowledge is one of Bahrain Bourse’s core strategic pillars and is part of our year-round financial literacy awareness. Taking part in the national campaign against fraud attempts complements our efforts in raising awareness on important topics in the financial industry with a focus on the capital market. The national campaign against fraud aims to ensure that markets remain robust and serve to protect market integrity and ensure investor protection while contributing to the development of a more transparent capital market.”


“We aim to equip current and prospective investors with the right knowledge and confidence to make informed investment decisions. Incidents of fraud are on the rise, targeting a diverse set of age and income groups, and this has been more apparent during the COVID-19 situation. Hence, the best approach for any investor is to equip themselves with sufficient financial knowledge, research all prospective investment opportunities soliciting an IPO participation or securities trading, and ensure that relevant parties are licensed by the Central Bank of Bahrain and authorized by Bahrain Bourse,” Mrs. Jamal clarified.


Dr. Waheed Al Qassim, CEO of Bahrain Association of Banks “BAB”, praised Bahrain Bourse’s support for this campaign, affirming the significance of its role in promoting the campaign to shareholders in 43 listed companies on Bahrain Bourse, including 17 financial institutions under the ‘Commercial Banks’ Sector and ‘Investments’ Sector.


“BAB is keen to join all efforts to maintain the development and reliability of financial transactions in the Kingdom of Bahrain, especially since the digital transformation of the banking sector and the application of online solutions has led to an increase in the complexity, quality, and size of global financial fraud and cybercrime,” Dr. Al Qassim said.


The campaign is launched in partnership with the Central Bank of Bahrain, General Directorate of Anti-corruption and Economic and Electronic Security at the Ministry of Interior, the Telecommunications Regulatory Authority, and the Ministry of Industry, Commerce, and Tourism, and members of BAB.


Source: Bahrain News Agency