Financial

AI-Driven Cybersecurity in MENA Banking: Why It’s Time to Rethink Our Defenses

Published

1 year ago

May 16, 2025

By Omar Mansur, Managing Director – APAC, Codebase Technologies

In an age where digital transformation is moving faster than ever, banks around the Middle East and North Africa (MENA) are forced to confront a growing and increasingly evolving threat: cybercrime and fraud. It’s not just about an increase in the number of incidents; it’s about smarter threats. Nefarious agents are utilizing more complex methods such as leveraging artificial intelligence (AI) to outsmart traditional IT security systems, using everything from deepfake-powered scams to AI-generated phishing campaigns along with social engineering strategies.

In the UAE alone, about 21% of cybersecurity incidents in recent years targeted banks and financial institutions, second only to government entities (Lemos, 2025). With costly breaches on the rise cybersecurity has become a top board-level concern. However globally, 71% of leaders report that small organizations can no longer adequately secure themselves against the growing complexity of cyber risks (WEF, 2025). It’s a high-stakes game and I have personally seen how AI and cybersecurity has taken the spotlight in board meetings and discussion with clients from across the GCC and Levant regions.

This urgency has forced MENA banks to explore AI-driven security solutions that can match the speed and complexity of modern threats, protecting both their customers and their bottom line. The conversation is no longer “if” we need AI-driven defenses—it’s how quickly we can deploy them, and how can we optimize them to adapt to the ever-changing tactics of nefarious agents

Where We Stand

It wasn’t that long ago that Gen AI in banking was mostly used to train and create chatbots for customer support, but this is changing quickly. In the UAE, over 70% of banks have rolled out or upgraded their AI capabilities, and not just to streamline operations, but to actively combat cybercrime (PwC, 2023). Across multiple projects I have seen an overarching focus on AI being incorporated into all manner of digital solutions, particularly in the MENA region where cyber fraud has become a prevalent issue affecting credibility and customer confidence.

The push is being led by both necessity and ambition. Saudi Arabia and the GCC states are investing heavily in national digital strategies, and banks are stepping up with AI systems to detect fraud, verify identities, and stay ahead of financial crime. As many countries in the Middle East position themselves as financial and fintech hubs, ensuring security for customers and institutions is a prime concern in garnering not only customer confidence but regional credibility. That’s pushed regional cybersecurity budgets to grow by double digits, with MENA’s total spend expected to exceed $3.3 billion in 2025, driven by Gen-AI, cloud adoption, talent gaps, and evolving threats (Gartner, 2024).

A True Strategic Advantage or Just a Security Upgrade?

Artificial intelligence isn’t just helping plug holes in defenses, it’s defining the rules for how security is built into every layer of operations. Integrating AI into banking operations gives banks a real edge in regions where speed really matters. Having worked with several banks across the region, I’ve seen firsthand how traditional security models are starting to break under the weight of elaborate AI based threats.

For banks in the MENA region, where rapid digitalization coincides with heightened cyber threats, adopting AI-driven systems enhances operational resilience, reduces financial losses due to fraud, and boosts customer trust. AI not only fortifies security frameworks, it also fosters innovation, empowering banks to confidently pursue new digital business models and expansion opportunities.

AI defenses monitor account activity 24/7 and can react in seconds to anomalies, reducing the window of time attackers can exploit. AI-based user behavior analytics can spot an account takeover attempt at the moment it diverges from normal patterns and automatically disable the account, preventing fraud before it escalates. Early-adopting banks in the UAE report that AI systems have sharply reduced successful fraud incidents and enabled rapid intervention in potential cyber attacks.

AI isn’t just a nice to have security upgrade, it’s a question of survival.

How are Banks Using AI for Cyber Security

A simple example of successful AI usage in a cybersecurity context is during a next-gen digital onboarding process. With many regulators now strong encouraging or mandating digital onboarding, banks have been able to benefit from using AI-powered systems to prevent fraud before it has a chance to run rampant. Next gen AI-powered onboarding and eKYC minimizes friction for customers looking to open accounts, while providing a secure backend environment to recude the risks for attacks. Such solutions utilize a variety of AI enabled features such as next-gen biometrics, deep ID document validation, Arabic language detection, glare reduction in ID photos, all ensuring a secure authentication and verification of a new customer. An example of this application can be the digital onboarding process implemented by UAE-based Ajman Bank, which has registered a significant reduction in fraud attempts after implementing an AI-based digital onboarding system as part of its digital transformation.

Another strategy for catching instances of fraud is by using AI for anomaly detection. A machine learning model can study what “normal” looks like, in terms of user behavior, transaction patterns, system activity; and flag anything that stands out. This allows banks to see unusual patterns – e.g. a late-night login or peculiar fund transfers, which would evade static rule-based systems. Unsupervised algorithms (like isolation forests or one-class SVMs) and neural network autoencoders sift through vast streams of events to pinpoint such outliers. Such strategies, can be deployed to facilitate analysis over large numbers of accounts, which can then be flagged to a human for additional intervention and review.

This tactic can work hand in hand with automating routine security tasks with AI, making cybersecurity operations more efficient. This not only addresses the talent shortage by doing more with less, but also lowers costs associated with manual monitoring and investigation. AI-based security solutions have been shown to improve incident response times and cut costs by reducing trivial alerts and speeding up analysis. Banks in MENA benefit by reallocating human experts to higher-value activities like threat hunting and fortifying security architecture, while letting AI handle the heavy lifting of round-the-clock surveillance.

Neural networks can analyze huge volumes of transactional data, cross-referencing dozens of variables to catch fraud in ways that traditional systems simply can’t. Banks train neural networks on historical transactions to recognize subtle indicators of fraud that humans might miss. An ensemble of decision trees (random forests) or a deep neural network can analyze dozens of features (transaction size, timing, location, device, user profile) to instantly assess whether a transaction is suspicious. These models adapt as fraud tactics evolve, improving over time. Similarly, neural networks in intrusion detection systems learn to spot network traffic behaviors that resemble known cyberattacks. This leads to faster, more accurate threat detection and frees up human analysts for higher-level decision-making.

Phishing remains a prime concern for many banks as targeting customers can be a much simpler way to compromise a system than to go after the bank itself. In fact, in 2024 there was a sharp increase in phishing and social engineering attacks, with 42% of organizations reporting incidents (WEF, 2025). To mitigate such threats, many cyber security experts are turning to Natural Language Processing or NLP, which has become a dynamic way in recent years that helps banks detect malicious intent in emails, texts, and even chat messages. NLP enables AI to “read” and analyze text for signs of fraud or attack. An NLP-driven system can scan incoming emails to employees and flag phishing attempts based on language patterns and malicious links. Banks use NLP to monitor chat messages and transaction memos for red flags, like someone soliciting account details. By understanding context in language, AI adds an extra layer of defense to catch social engineering and scam attempts that purely numeric data monitoring might overlook.

By deploying these AI-powered strategies in tandem, banks can create a multi-pronged defense system, akin to a digital immune system, ready to tackle a multitude of afflictions. An anomaly detection system might catch unusual account behavior, while an NLP filter flags a related phishing email – together giving a fuller picture of an attack in progress. This intelligent automation amplifies human analysts’ effectiveness, allowing them to focus on verified threats and complex investigations rather than sifting through noise.

Looking Towards a Future of Cyber Resilience

We’re entering a new era in banking security. One where artificial intelligence and generative-AI doesn’t just assist, but actively drives how banks detect, prevent, and respond to threats. The emerging champions won’t be those with the biggest budgets, but those with the clearest strategy, and those who understand that AI is both a weapon and a shield in the modern cybersecurity landscape. One that must be deployed correctly to protect institutions and customers.

When implemented wisely, AI can dramatically boost a bank’s ability to prevent breaches, detect fraud in real time, and operate securely at scale – all essential for maintaining customer trust. At the same time, banks must remain vigilant: as attackers innovate with AI, defensive strategies must keep adapting, and governance must ensure ethical, compliant use of artificial intelligence.

So, here’s a question worth asking at the next board meeting is, are we using AI to its full potential, not just to defend our systems, but to build customer trust, support innovation, and lead the market in resilience?

Financial

RAKBANK LAUNCHES THE “SHE MEANS BUSINESS” PACKAGE TO BACK FEMALE ENTREPRENEURS AT EVERY STAGE OF THEIR JOURNEY

Published

1 hour ago

June 24, 2026

Integrator Web-Admin

As RAKBANK marks its 50th anniversary year, the Bank has launched a one-of-a-kind Female Entrepreneurs Package in celebration of International MSME Day, reinforcing its long-standing commitment to empowering female entrepreneurs.

Beyond just Banking

Launched under the theme “Empowering Women to Start, Grow and Scale with Confidence” the She Means Business Package reflects the growing contribution of female entrepreneurs to the UAE economy and the need for solutions that support them across different stages of their business journey. From managing banking costs, accessing finance and day-to-day operations, female founders often require support that goes beyond traditional banking. RAKBANK brings together its best-in-business banking solutions, practical business tools, financial protection and community support into one integrated package designed to simplify banking, reduce friction and enable female entrepreneurs to grow with confidence.

Limited time offer: As part of the launch, female entrepreneurs who activate their account by 10 December 2026 can enjoy the She Means Business package free for 12 months, subject to terms and conditions.

What entrepreneurs get:

1. Digital banking foundation

A zero-balance business account, available in both Islamic and Conventional variants
Multi-currency capability in AED, USD, GBP and EUR
Digital onboarding in as little as 48 hours, enabling faster speed to market and seamless access to banking services

2. Everyday business tools

WPS-enabled payroll processing
QR-based payments powered by AANI
Complimentary access to a cloud-based app for up to four users, helping entrepreneurs manage accounting, banking, payroll and VAT from a single platform.

3. Cost savings and financial benefits

Four complimentary international remittances per month
Preferential USD foreign exchange rates
Monthly maintenance fees fully covered for 12 months, supporting early-stage growth

4. Built-in protection in Partnership with RAKInsurance

Essential insurance/Takaful coverage including:
Workmen’s compensation (including employer liability)
Public liability protection of up to AED 1 million

5. Community, learning and growth – Beyond banking, the package extends into capability building and community engagement, with access to:

Learning and business development opportunities, covering topics such as AI, leadership, pricing, cash flow management, marketing and business growth
Curated networking opportunities and knowledge-sharing forums with ecosystem partners and industry experts
AED 1,500 off the annual CrunchMoms membership — a community that connects female entrepreneurs with like-minded women, mentors, and new opportunities.
A complimentary Personal Banking Financial Needs Assessment to help founders align their personal finances with their business ambitions

Who the Package is for

The package is available to new RAKBANK customers who are female founders operating as Sole Proprietors and Individual LLCs.

How to apply

Eligible founders can apply by visiting quickapply.rakbank.ae and selecting the RAKStarter Account.

Vishal Shah, Managing Director & Head of Business Banking Group, RAKBANK, said:

“For 50 years, RAKBANK has supported over 250,000 SMEs across the UAE, helping founders transform ambition into action and we proudly bank over 20,000 female-led businesses.

Female entrepreneurs are playing an increasingly important role in shaping the UAE’s economic future, contributing to the country’s entrepreneurship agenda, and access to the right ecosystem makes a meaningful difference in enabling founders toreach their full potential. Understanding the needs of entrepreneurs has long been at the heart of how we design and evolve our propositions, reinforcing our commitment to being the financial partner of choice for SMEs across the UAE. Through She Means Business, we are bringing Digital with a Human Touch to life by combining seamless digital banking, relationship-led financial partnership and ecosystem access.”

Financial

Why Personalisation Is the New Currency in Wealth Management

Published

6 days ago

June 18, 2026

Integrator Web-Admin

By Kalpesh Khakhria, Group Chairman at Klay Group

Everyone in the wealth management industry claims to offer “personalisation.” Yet, for most traditional institutions, it remains a hollow buzzword, a superficial exercise of sorting investors into predefined “conservative” or “aggressive” risk boxes. This transaction-led and product-pushing model is fundamentally broken for today’s ultra-high-net-worth families, whose lives, businesses, and assets span multiple global jurisdictions. Real personalisation is a structural necessity that requires a radical overhaul of how advice is delivered.

We are operating in an era where wealthy families are building complex, cross-border portfolios. A business might be headquartered in the GCC, hold properties in Europe, and have beneficiaries residing across continents. The most critical point is “What does this capital need to achieve across generations?” Traditional banking silos, driven by high client-to-advisor ratios and transactional commissions, simply lack the agility and independence to answer this effectively.

While personalisation is a growing trend across the broader service industry, in wealth management, it has become the new currency. It is the primary driver of growth and retention, shifting the industry standard from generic products to trust-based, tailored advice. The future of wealth management will be exclusively influenced by trust and deep customisation. True personalisation relies on two specific, uncompromising differentiators: structural independence and relationship-plus-data intelligence.

First, it is impossible to fully understand a family’s cross-border tax realities, liquidity needs, or succession plans if an advisor manages multiple different accounts. Personalisation requires time and undivided attention. That is why boutique advisory models that deliberately cap an advisor’s roster, such as limiting it to just 20 families, are so critical. By removing the pressure of aggressive sales targets and replacing transaction-led commissions with a transparent advisory fee structure, advisors gain the freedom to ask the “why” behind a client’s wealth. This structural independence aligns the advisor’s interests directly with the client’s long-term outcomes, enabling the advisor to act as a true partner.

Second, modern personalisation demands the seamless integration of advanced financial technology. We have entered the era of “Wealth 3.0,” where artificial intelligence and data analytics are fundamentally changing how the industry forecasts risk and segments clients. AI must be utilised to codify a family’s complex constraints, such as multi-currency exposures, jurisdictional rules, and legacy holdings, into actionable, real-time portfolio adjustments and proactive stress testing.

However, the industry must draw an uncompromising line between automation and autonomy. While AI powerfully accelerates scenario analysis, it cannot replace the human connection. The nuanced human judgment, discretion, and contextual understanding required to navigate complex, multi-generational wealth remains absolutely irreplaceable. Technology provides the speed and the insight, but seasoned human strategists must retain ultimate autonomy to ensure that personalisation scales without compromising suitability or compliance.

Wealth management today must transcend simple market timing. It is about actively building multi-generational partnerships. The families that succeed over time are those who partner with independent advisors who are unconditionally in their corner. By combining bespoke human expertise with cutting-edge data intelligence, true personalisation transforms wealth from a static collection of assets into a powerful, coherent legacy that thrives across generations.

Financial

ATHAR+ LAUNCHES 2ND HACK4IMPACT HACKATHON IN ABU DHABI

Published

3 weeks ago

June 3, 2026

Integrator Web-Admin

Athar+, Abu Dhabi’s first purpose-driven hub dedicated to accelerating social impact, operated by the Authority of Social Contribution – Ma’an, has launched the second edition of its HACK4IMPACT hackathon, bringing together changemakers to develop practical solutions that address key social priorities and contribute to positive social impact across Abu Dhabi.

Launched in line with the objectives of the UAE’s Year of Family, this edition of the hackathon focuses on addressing family-related challenges through innovative and community-driven approaches. Taking place from 16-18 June 2026 at Athar+, the three-day programme brings together aspiring entrepreneurs, innovators, professionals, and community members to develop solutions addressing three family-centred priorities: building stronger family foundations, enhancing financial wellbeing for parents, and supporting families caring for aging parents.

Guided through a structured innovation journey, participants will apply design thinking methodologies to explore challenges, validate ideas, develop prototype concepts, and present their solutions to a panel of judges.

High-potential concepts emerging from the hackathon have the opportunity to be considered for further support through Athar+’s incubation ecosystem, enabling participants to continue developing their solutions beyond the event. Through these challenge areas, the initiative aims to advance family wellbeing, strengthen social cohesion, and support the development of solutions that respond to the evolving needs of families in Abu Dhabi.

This initiative aims to strengthen practical innovation skills among participants while identifying high-potential ideas and scalable concepts capable of addressing key social priorities. It also encourages collaboration by bringing together individuals from diverse backgrounds and expertise. The hackathon provides an accessible entry point for youth and first-time innovators to contribute to solving community challenges through entrepreneurship and social innovation, inspiring them to play an active role in shaping impactful and practical solutions.

His Excellency Salem AlShamsi, Executive Director of Social Incubation and Contracting at Ma’an said: “HACK4IMPACT reflects Athar+’s commitment to empowering innovators and aspiring entrepreneurs to develop practical solutions that address real social priorities and enhance quality of life across our communities. By empowering future talent through Athar+, we are strengthening Abu Dhabi’s position as a regional hub for social entrepreneurship while advancing the Authority’s vision of fostering a culture of giving, participation, and measurable social progress.’’

Aligned with the objectives of the UAE’s Year of Family, the initiative also supports broader national efforts to strengthen family wellbeing, social resilience, and community cohesion through collaborative innovation and inclusive engagement.”

Through dedicated workspaces, expert mentorship, professional services, and tailored growth programmes offered by Athar+, participants will be supported in transforming ideas into prototype concepts while gaining access to opportunities within Abu Dhabi’s innovation and entrepreneurship ecosystem.