NGN International, a leading IT Systems Integrations and Managed Cyber Security Company, in collaboration with its strategic partner Group-IB, organized a seminar entitled “The Dark Side of Finance: Uncovering the Latest Scams and Frauds”.
The main emphasis of the event was on staying updated with the most recent developments in financial fraud and scams, while also offering valuable knowledge on recognizing and preventing fraudulent activities. The event encompassed an analysis of fraud intelligence and practical scenarios specific to the MENA region, alongside an exploration of the growing prevalence of deceptive fishing practices. Furthermore, strategies aimed at safeguarding businesses and financial resources against fraudulent activities were presented during the event.
Mr. Yaqoob Al-Awadhi, CEO of NGN, affirmed that the seminar is a reflection of the company’s commitment to promoting awareness in diverse aspects of cybersecurity. Its primary objective is to familiarize institutions, companies, and individuals in Bahrain with the most recent advancements in this crucial domain.
“Companies and institutions can mitigate online fraud by providing education to their employees and workers regarding the associated risks. It is crucial to train them on identifying fraudulent emails and malicious links. Additionally, strict security measures should be implemented, including regular updates to protection programs and security systems. Procedures should be in place to verify user identity and ensure the security of bank accounts and financial data.” According to Mr. Al Awadhi.
The seminar featured notable speakers including Mr. Ilya Leonov, the Chief Technology Officer at NGN International, Mr. Igor Stoyarov, the Business Development Manager at Group-IB, and Mr. Amr Al-Hattar, the Regional Sales Manager at Group-IB Additionally, the event boasted an impressive lineup of cybersecurity and finance experts and specialists, along with several local and international partners and customers in attendance.
The seminar specifically focused on leveraging artificial intelligence techniques to detect fraud and cybersecurity breaches within corporate systems. It delved into analyzing the current trends in fraud and emerging security threats in the financial sector. Furthermore, the event provided insights into the latest technologies and tools employed by companies to safeguard their financial systems and data from unauthorized access and fraudulent activities.
Throughout the seminar, speakers shared effective tips and strategies for companies and institutions to protect their funds and mitigate potential financial risks. They emphasized the importance of raising awareness among employees in the financial services sector about the perils of fraud and electronic scams. Enhancing the security culture within organizations and developing robust strategies with strong security measures to safeguard financial systems and data were highlighted as crucial.
The speakers stressed the significance of companies embracing cutting-edge cybersecurity technologies such as artificial intelligence and big data analysis. They also underscored the utilization of advanced protection tools like malware protection programs to combat cyberattacks and breaches. Real-life examples of fraud targeting the financial sector, such as phishing operations involving deceptive emails impersonating banks or financial institutions to trick users into disclosing sensitive account information, were shared.