Speaking at a national workshop in Rabat on Friday, July 17, Bank Al-Maghrib’s Director of Banking Supervision, Nabil Badr, said the central bank has reinforced its regulatory framework to support the banking sector’s digital transformation while improving the security of financial transactions.
As financial fraud becomes increasingly sophisticated, attackers are relying more on social engineering techniques that exploit users rather than technical vulnerabilities in banking systems, he said.
To help financial institutions address these threats, Bank Al-Maghrib has issued new guidance on cybersecurity and fraud prevention. A first set of best practices, published in July 2024, covers the prevention and management of phishing attacks throughout the entire risk management cycle.
A second guide, released in July 2026, focuses on so-called “relay accounts” used in fraudulent financial schemes, providing banks with mechanisms to identify, detect and manage such accounts.
The central bank has also called on banks to strengthen the security of their mobile banking applications by expanding the use of multi-factor authentication for account access and transaction approval, while introducing trusted-device recognition to reduce the risk of unauthorized access.
At the operational level, Bank Al-Maghrib urged banks and payment institutions to increase investment in fraud detection systems, with greater emphasis on behavioral analysis of transactions, real-time alert mechanisms and rapid intervention to block suspicious operations before significant losses occur.
Read also : Morocco’s tax authority simplifies transport tax incentives with new guide
Public awareness remains another key pillar of the strategy. In coordination with financial sector stakeholders, the central bank has expanded awareness campaigns through practical guides, educational materials, video content and a nationwide SMS campaign warning customers about financial scams.
Bank Al-Maghrib also highlighted broader efforts to strengthen institutional coordination through a National Committee for Combating Financial Fraud, established under the coordination of the National Financial Intelligence Authority. The committee brings together banks, judicial authorities and law enforcement agencies to improve cooperation in tackling financial crime.
The central bank said work is also underway to establish a real-time information-sharing framework aimed at improving coordination among stakeholders and enabling faster identification and prosecution of fraud perpetrators.
These measures are intended not only to protect customers but also to preserve confidence in Morocco’s financial system, as financial fraud, estimated to have caused $442 billion in global losses in 2025 according to international data, continues to fuel money laundering and other forms of financial crime.
