Over 50% of UAE residents face monthly fraud attempts

A recent study from the UAE Cybersecurity Council reveals troubling trends in financial fraud targeting residents. Over half, or 56%, of UAE residents say they face at least one attempt at fraud each month. While 65% feel confident in spotting fraud, scammers adapt quickly to new methods. Credit cards and bank transfers are primary targets for these scams. The surge in digital transactions and promotional offers has given fraudsters more opportunities to exploit consumers. The UAE Banks Federation (UBF) has issued warnings about these increased risks, especially as the holiday of Eid Al-Fitr approaches. UBF emphasizes that staying aware is the best defense against these scams. They continue to run campaigns aimed at educating the public about potential threats and how to protect their finances. Jamal Saleh, the Director General of UBF, stressed the commitment of the banking sector to ensure secure and smooth banking experiences. Digital transactions in the UAE have grown significantly, increasing by 53% in 2023 to $43 billion. This figure is expected to climb to $132 billion by 2028. Saleh noted that advanced technologies like artificial intelligence and machine learning help in detecting and preventing fraud. UBF also has a platform for banks to share information about suspicious transactions, enhancing their efforts against financial crimes.