Cyber criminals gaining direct access to UAE accounts
Around 69 per cent of UAE residents have faced at least one financial cyber threat in the last 12 months, according to a Kaspersky global study. Out of those, 37 per cent incurred financial loss from such threats.
The survey also found that 23 per cent of UAE residents, higher than the global average of 14 per cent, believed that bank fraud was a rare incident, while in reality, it affected millions worldwide.
“It is easier to steal money from an individual user than from a bank itself,” said Stefan Tanase, senior security researcher, EMEA, global research and analysis team.
“What cyber criminals are doing today is hacking into individual users account and their credit card details and other online banking details.”
According to Kaspersky officials, the financial cyber threat landscape has been evolving rapidly, as each successful attempt provides cyber criminals with direct access to the user’s account.
Despite such a high risk landscape, users fail to take necessary precautions.
Around 17 per cent of UAE residents said that they use unprotected wi-fi connections to access their bank accounts and shopping services.
Kaspersky experts said that banks provide a range of measures, including multi-factor authentication processes, to provide protection against fraud.
However, the banks remain incapable of protecting users from malware designed to steal financial information.
“We are seeing a sharp rise in phishing messages from Apple, which look very authentic, that ask the users to verify their credit card details.”
- United Arab Bank makes AED250,000 contribution to Al Thiqah Club for the Handicapped
- Opening up: is Saudi Arabia's stock market ready for an upgrade?
- Severe symptom of a savings gap? Turkey leads Europe in credit card debt
- Gulf stocks facing some serious 'downward pressures'
- Long-anticipated hike: Dollar on track for best annual gain in nine years
- Zayed University and AccessData collaborate to promote cyber security and digital forensics learning among students
- Rise in Cyber Crime, Cyber Terrorism and Cyber Espionage Tied Heavilyto Data-Stealing Malware
- Trend Micro Direct Pass makes secure password management easy
- AUS Cyber Security Boot Camp for general users to address latest techniques in combating CyberCrime