UAE victims of online fraud struggle to recover losses; report

Kaspersky Lab reports that online financial threats against consumers range from online fraud, identity theft and hacking

Tags: Cyber crimeKaspersky Lab
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UAE victims of online fraud struggle to recover losses; report Kaspersky Lab revealed that 75% of Internet users in the UAE conduct financial operations online
By  Aasha Bodhani Published  February 1, 2017

Kaspersky Lab has discovered that Internet users in the UAE who are victims of online cybercrime fail to recover their stolen funds back.

The research highlights not only how costly these attacks are for Internet users, but how lucrative it is for cybercriminals, for instance Internet users globally lose $476 per attack and one-in-10 people surveyed revealed they had lost more than $5,000.

Kaspersky Lab revealed that 75% of internet users in the UAE conduct financial operations online and 40% store financial data on their connected devices, this in return enables cybercriminals to take advantage of such opportunities and commit fraud.

Kaspersky Lab stated that attitudes to online safety could be influenced by users mistakenly believing lost money will be automatically refunded to them, as only 60% of users protect their devices.

Vyacheslav Zakorzhevsky, head of the Anti-Malware Research Team at Kaspersky Lab, said: "Cybercriminals are continually looking for new ways to exploit and defraud consumers and that's why it's important for Internet users to be on their guard at all times.

"Cybercriminals can conduct financial crimes via malware, phishing and more. Don't assume you will always get all your money back if you become a target and funds are stolen from you. The best way to safeguard your finances online is to make sure you don't become a victim, and for that we recommend specialist software that protects your identity and keeps sensitive data out of the hands of the cybercriminals."

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