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Financial fraud, which includes unauthorized use of bank accounts or credit cards, is the cause of damage and financial losses to customers.
The Banking Supervision Department addresses financial fraud on multiple levels, including demands directed to the banks and credit card companies to improve authentication procedures and fraud prevention and monitoring methods, efforts to strengthen the Department’s cooperation with relevant government agencies, and activities to increase public awareness.
For the second consecutive year, the Banking Supervision Department has led the nationwide “Financial Fraud Awareness Week” information campaign to increase awareness of fraud. The campaign was executed by the Financial Education Forum in conjunction with the Israel Police, the Ministry of Welfare, and the Ministry of Absorption. Members of the Financial Education Forum, which is headed by the Banking Supervision Department, include the Association of Banks in Israel, the banking system, and the credit card companies.
Financial Fraud Awareness Week involved over 100 lectures in Hebrew and Russian in dozens of towns and cities across Israel given by representatives of the banking system, credit card companies, and the Israel Police, as well as two webinars in Hebrew and Russian that attracted thousands of participants. A special website was set up with informative materials in Hebrew, Russian, and Arabic, and an advertising campaign invited the pubic to participate in the activities.
The Banking Supervision Department continues to take action to reduce financial fraud and its effects on bank and credit card customers. The Department plans to launch an additional public awareness campaign in the fourth quarter of 2024, specifically to explain the different kinds of financial fraud that exist and the practices that the public can use to access their bank accounts and personal areas in credit card websites in order to protect themselves from financial fraud.
Summary of the nationwide activities in the Financial Fraud Awareness Week:
https://www.youtube.com/watch?v=eQYPh36oXBQ
Link to the webinar in Hebrew: https://www.youtube.com/watch?v=kla9RT5J5ig
:https://www.youtube.com/watch?v=03NA4AlHgpE
Link to the webinar in Russian
Informative materials on financial fraud that were featured in the Financial Fraud Awareness
https://www.boi.org.il/information/bank-paymnts/financial-education/50256/