On 26 June, AFI’s Global Standards Proportionality (GSP) and Consumer Empowerment & Market Conduct (CEMC) Working Groups held a webinar on the Financial Sector’s Role in Combating Digital Fraud and Scams. 

The session, attended by over 100 AFI member representatives, assessed the growing sophistication of digital threats, including AI-driven fraud and social engineering scams, and explored how regulators can protect consumers effectively. 

“Globally, fraud losses across financial services account for more than US$500 billion per year, and the figure is growing,” said Robin Newnham, AFI Head of Policy Analysis & Guidance. “Since financial inclusion relies heavily on maintaining trust in the financial system, fraud and scams represent an existential threat. All of us working in financial inclusion have a special moral responsibility to enhance the protection of those at risk – that will require a multi-stakeholder and multidisciplinary response, and innovative partnerships which break down policy silos.” 

The webinar, available to view below, was co-moderated by Robert Der Mesrobian from Central Bank of Armenia and Mduduzi Mathunjwa from the Central Bank of Eswatini. It featured insight from the United Nations Office on Drugs and Crime (UNODC), Basel Institute on Governance, Gogolook, Bank Negara Malaysia, Behavioural Insights Team (BIT) and FNA.