Cybercrime hits digital payments in the Middle East

By Puja Sharma

“Digital payments are the backbone of modern commerce and have come to become a prime target for cyber threats. It is the responsibility of all stakeholders, including various service providers and customers, to remain vigilant and take proactive measures against security threats. From an organizational perspective, building a strong cyber governance framework”

According to the Kaspersky Digital Payment survey, 18% of respondents from the Middle East experienced financial losses associated with threats when using online banking and mobile wallet services. The majority of users (92%) lost up to $1,000 as a result of these incidents, while (8%) of the respondents reported a loss of more than $1,000.

According to the Network, more than 1.8 million financial threats were blocked in the Middle East by the company, 256,708 of them in the United Arab Emirates. These attacks were aimed at stealing financial information such as credit card numbers and login credentials and usually rely on social engineering tactics to lure victims

However, the impact of a cyber threat targeting digital payments does not just impose a financial burden on consumers but also affects them psychologically. For example, 62% of respondents said that they lost sleep and were very anxious about getting their money back. The same number of users reported that their trust in digital payment providers has become lesser. 60% also stated that they became more vigilant after experiencing a cyber incident, and 73% installed security solutions like an antivirus on their infected devices.

A spokesperson from Lulu Exchange’s IT team, said, “Digital payments are the backbone of modern commerce, and have come to become a prime target for cyber threats. It is the responsibility of all stakeholders, including various service providers and customers, to remain vigilant and take proactive measures against security threats. From an organizational perspective, building a strong cyber governance framework is one of the surest ways to operate securely, responsibly, and ethically while safeguarding the trust of customers and stakeholders.”

“Since the beginning of the pandemic, 53% of users in the Middle East faced at least one incident when using digital payments. That’s why it’s increasingly important to know how to interact securely with any emerging technologies, including online banking and mobile wallet services. And all stakeholders, like government, digital payment providers, users, and even cybersecurity companies need to come together to create a sustainable and secure payment ecosystem”, said Emad Haffar, Head of technical experts at Kaspersky.

To help users in the United Arab Emirates embrace digital payment technologies securely, Kaspersky experts suggest the following:

Key Suggestions :

• Do not share your PIN, password, or any other financial information with anyone online or offline.
• Avoid using public Wi-Fi to make any online transactions.
• Use a separate credit or debit card to make online transactions.
• Set a spending limit on the card which can help keep a track of financial transactions.
• Shop from trusted and official websites
• Use reliable security solutions such as Kaspersky premium on all your devices that are used for financial transactions. It helps to detect fraudulent or suspicious activity and check the security of visited websites.