Visa, the world leader in digital payments, has signed a Memorandum of Understanding (MoU) with Dubai Police in order to join the Operation Center for Economic Crimes (OCEC).
The agreement underscores both organizations’ commitment to combatting fraud and financial crime while reinforcing their long-standing partnership.
Under the terms of the agreement, Visa will help establish the goals, structure, and processes of the OCEC, organize knowledge transfer, conduct training and workshops on payment security and financial crime, participate in initial meetings, pilot and concept validation, and cooperate on live investigation cases.
Located at the Dubai Police HQ, the OCEC is an innovative initiative leveraging innovative methods and cutting-edge technology to protect residents, businesses, and local communities against financial crimes.
The MoU was signed by Lieutenant General Abdullah Khalifa Al Marri, Commander-in-Chief of Dubai Police, and Mr. Charles Lobo, Visa’s Regional Risk Officer for CEMEA.
The Commander-in-Chief of Dubai Police affirmed Dubai Police’s commitment to decisively confronting such crimes, noting that the UAE has exerted significant efforts to combat economic crimes. He also explained that the MoU represents a step forward in the joint efforts, projects, and initiatives bolster against fraud and cybercrimes.
Dr. Saeeda Jaffar, Visa’s Senior Vice President and Group Country Manager for GCC, commented that, “In today’s digital-first world, scams are evolving in sophistication with criminals using new approaches to trick unsuspecting consumers. Our recent Stay Secure study found that while 61 percent of consumers in the UAE claim to be scam-savvy, 90 percent of them are likely to miss fraud warnings. Moreover, 77 percent of consumers are likely to respond to positive messages from fraudsters.”
“The OCEC is a decisive step forward in the fight against financial crime. The agreement fulfills Visa’s commitment to enhancing cooperation with our public and private sector partners to better protect consumers, businesses, and the wider payments ecosystem. Visa is proud of this unique initiative and our long-standing partnership with Dubai Police, and we look forward to more collaboration opportunities in the future,” Dr. Jaffar added.
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