Online Banking Fraud: A Growing Concern For Emirati Citizens

With the provision of high technology products like smart phones and tablets, online banking and shopping have become an instinctively social and growing trend in UAE. However, citizens are also aware about the risks factors being involved in online transactions.

According to a ‘Consumer Security Risks Survey’, by B2B International and Kaspersky Lab, regions majority half i.e. 55% of Emirati citizens have serious concerns and fear, while doing online purchases and banking transactions. This is due to the growing number of cybercrimes like password cracks, account hacking, and credit card frauds.

Such weaker aspects of cyber security have drastically affected citizens buying behavior, as nearly 48% of UAE citizens have insecurity, while making financial business transactions. The survey results also revealed that every 7 out of 10 citizens have suffered a financial threat, as per last year’s assessment.

According to Pradeesh VS, General Manager of IT Security Solutions ESET Middle East:

‘Customers are not completely aware of the security measures. Awareness will be the key to addressing these concerns. In addition, banks must also stress the security aspects such as one-time passwords, SMS notifications and smart cards and tokens.’