On July 5, 2024, The <\/span>MENA FinTech Association<\/span><\/a> convened a Payments Boardroom on the topic of <\/span>Payments Security<\/span>. This was part of the Association\u2019s Payments Working Group. Senior leaders from FIs, FinTechs, and venture gathered to discuss the critical topics of transaction security, anti-fraud, and cybersecurity (attendee list at the end of this document).<\/span><\/p>\n The MENA region has been a pioneer in the adoption of payments security protocols, evidenced by the early adoption of 3D Secure, as well as the creation of government bodies (e.g., UAE Cyber Security Council).<\/span><\/p>\n However, as is the case globally, payments in the region face unprecedented threats on both transaction security and cybersecurity fronts. This has been exacerbated by the rise in AI tools and increased sophistication of bad actors. The region is expected to increase its spending on security and risk management (SRM) to $3.3 billion in 2024, re\ufb02ecting a 12.1% increase from the previous year (<\/span>TRENDS Mena<\/span><\/a>).<\/span><\/p>\n <\/p>\n <\/p>\n Know how to collaborate globally. A classic example is a bad actor providing \u2018ransomware as a service\u2019<\/span><\/p>\n <\/p>\n <\/p>\n <\/p>\n Akshay Chopra: 237 Ventures, MENA FinTech Association Imane Adel: PayMob, MENA FinTech Association Nameer Khan: Fils, MENA FinTech Association<\/span><\/p>\n Gaurav Dhar: Marshal FinTech, MENA FinTech Association Charles Lobo, Visa<\/span><\/p>\n Pati Murtazalieva, Sumsub Ani Sane, TerraPay<\/span><\/p>\n Sailesh Malhotra, Geidea<\/span><\/p>\n Ronit Ghose, Citibank, MENA FinTech Association Fernando Plaza, ADIB<\/span><\/p>\n Sumsub\u2019s Identity Fraud Report 2023<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" Outcomes, Recommendations & Actions On July 5, 2024, The MENA FinTech Association convened a Payments Boardroom on the topic of Payments Security. This was part of the Association\u2019s Payments Working Group. Senior leaders from FIs, FinTechs, and venture gathered to discuss the critical topics of transaction security, anti-fraud, and cybersecurity (attendee list at the end … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":10907,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[169],"tags":[],"class_list":["post-10906","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boardrooms"],"_links":{"self":[{"href":"http:\/\/mena-fintech.org\/demo\/wp-json\/wp\/v2\/posts\/10906","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/mena-fintech.org\/demo\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/mena-fintech.org\/demo\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/mena-fintech.org\/demo\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/mena-fintech.org\/demo\/wp-json\/wp\/v2\/comments?post=10906"}],"version-history":[{"count":2,"href":"http:\/\/mena-fintech.org\/demo\/wp-json\/wp\/v2\/posts\/10906\/revisions"}],"predecessor-version":[{"id":10909,"href":"http:\/\/mena-fintech.org\/demo\/wp-json\/wp\/v2\/posts\/10906\/revisions\/10909"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/mena-fintech.org\/demo\/wp-json\/wp\/v2\/media\/10907"}],"wp:attachment":[{"href":"http:\/\/mena-fintech.org\/demo\/wp-json\/wp\/v2\/media?parent=10906"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/mena-fintech.org\/demo\/wp-json\/wp\/v2\/categories?post=10906"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/mena-fintech.org\/demo\/wp-json\/wp\/v2\/tags?post=10906"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Context<\/b><\/h5>\n
Speciffic Ecosystem Challenges<\/b><\/h5>\n
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Increasing overlap between Cybersecurity and Fraud<\/b><\/h5>\n
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Suggested Industry Initiatives<\/b><\/h5>\n
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\n<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ol>\nAttendees<\/b><\/h5>\n
APPENDIX<\/b><\/h5>\n