Central Bank of the United Arab Emirates has announced major new anti-fraud measures for banks and financial institutions across the UAE while also unveiling special commemorative coins celebrating the 50th anniversary of United Arab Emirates University.
The developments highlight the UAE’s broader push to strengthen both its financial security systems and national knowledge institutions as digital banking usage and cyber fraud risks continue to grow across the region.
UAE Banks Ordered to Strengthen Fraud Protection
The Central Bank directed licensed financial institutions to move beyond traditional SMS-based one-time passwords and adopt stronger authentication systems to better protect consumers from increasingly sophisticated scams and cyber fraud.
Officials said the regulator has already begun establishing a new Anti-Fraud Operations Centre, known as CAFOC, which will function as a centralized monitoring platform designed to track suspicious activity in real time and improve emergency response coordination across the banking sector.
The initiative comes as digital banking, mobile payments and online financial services continue expanding rapidly across the UAE.
New Anti-Fraud Centre to Monitor Financial Threats
According to the Central Bank, the new anti-fraud system will rely on:
- advanced tracking tools
- fraud analytics systems
- operational escalation procedures
- coordination with licensed banks and authorities
The regulator said the centre will also collect fraud pattern data to help improve future regulatory oversight and strengthen risk-based supervision across the country’s financial ecosystem.
Authorities believe reducing dependence on single-factor verification systems like SMS OTPs has become increasingly necessary as cybercriminals adopt more advanced social engineering and digital attack techniques.
Special Gold and Silver Coins Issued for UAEU Golden Jubilee
Separately, the Central Bank also issued commemorative gold and silver coins marking the Golden Jubilee of United Arab Emirates University, the country’s first national university.
The commemorative release celebrates UAEU’s 50-year role in higher education, scientific research and national talent development.
The front side of the coins features the university’s historic campus along with “Golden Jubilee” inscriptions in Arabic and English, while the reverse side displays a design representing the university’s modern campus alongside the Central Bank’s name.
Only Limited Number of Coins Produced
The Central Bank confirmed:
- 100 gold coins were produced
- 3,000 silver coins were minted
- each coin weighs 50 grams
Officials said the coins have already been handed over to the university and will not be made available for public sale through either the Central Bank or UAEU.
UAE Expands Focus on Digital Security and Knowledge Economy
The announcements reflect the UAE’s wider strategy of strengthening its digital economy while investing heavily in higher education and innovation infrastructure.
Financial regulators globally have increased anti-fraud enforcement efforts over the past year as online scams, phishing attacks and banking fraud cases continue rising alongside digital financial adoption.
At the same time, the UAE has continued positioning universities and research institutions as key pillars of its long-term economic diversification strategy beyond oil revenues.
