Cyber Security – Tackling the Internet Scammers
Fraud costs the global economy US$5 trillion each year, which is around $700 per person worldwide, according to accounting firm Crowe. The rise of scams has been getting worse as banks’ and retailers’ customers have been steadily moving towards being exclusively online – a trend that the COVID-19 pandemic has only exacerbated.
In the UAE authorities have intensified their cyber patrols to crack down on fake F&B and shopping websites that steal cash from victims’ bank accounts. The fraudsters use fake websites with the names of well-known restaurants and shopping centres in the emirates to lure unsuspecting customers to part with their cash.
The internet has allowed organisations to offer slick, friction-free services that give customers more control over their money. But it’s also a prime culprit for the stratospheric rise in the amount of money being lost to fraudsters on a daily basis.
While big banks and retailers have the means to spend billions on security and put processes and procedures in place to mitigate risk, the public is largely oblivious to the dangers that lurk in the shadows. And those dangers are only growing more and more complex and refined.
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