News and developments
Safeguarding Financial Assets: Understanding Bank Fraud Under UAE Cyber Law
including in the UAE. In response to this growing challenge, the UAE has implemented Federal Decree-Law No. 34/2021 Concerning the Fight Against Rumors and Cybercrime to combat cybercrimes. This law is intended to combat different types of cybercrimes, including those targeting financial institutions, by exploiting Information Technology.
Different Forms of Bank Fraud:
-
- Phishing Scams: Offenders send misleading emails or messages imitating legitimate financial institutions to fake individuals into disclosing personal or financial information. Victims may unknowingly provide login credentials, enabling fraudsters to access their accounts.
- Identity Theft: Cybercriminals steal personal information, such as social security numbers or passport details, to imitate individuals and fraudulently open bank accounts, apply for loans, or conduct unauthorized transactions.
- Malware Attacks: Malicious software infects users' devices to capture sensitive information, such as login credentials or banking details, without their knowledge. Malware can also manipulate online banking sessions to redirect funds or alter transaction details.
- Unauthorized Access: Hackers exploit susceptibilities in banking systems or customers' accounts to gain unauthorized access and transfer funds, modify account balances, or initiate fraudulent transactions.
- Payment Card Fraud: Fraudsters use stolen or counterfeit payment card information to make unauthorized purchases or cash withdrawals, exploiting weaknesses in payment processing systems or card security measures.