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Majority of UAE online fraud victims unable to recover losses

Survey shows that only 44% of survey respondents able to recover lost funds

Majority of UAE online fraud victims unable to recover losses
The study showed that 22% of online fraud victims in the UAE lost $1,000 or more.

The majority of UAE internet users who lost money to fraudulent online transactions were unable to recover stolen funds, according to a recent survey conducted by Kaspersky Lab and B2B International.

The study showed that only 44% of respondents in the UAE reported that they could fully recoup their losses. 28% of victims received only partial compensation, and 28% could not recover any money at all.

The survey also showed a poor awareness of the risk of cyberattack, with 28% of respondents saying they thought such attacks were rare, while only 24% were afraid that they would become a victim of online fraud. However, statistics show that more than half of users in the UAE faced financial cyber threats at least once during the previous year.

Although many financial institutions are willing to reimburse lost funds, the study said, the financial cost incurred is high, with an average sum stolen of $243, and nearly one quarter (22%) of respondents losing $1,000 or more.

"Even if you are sure that the financial company or online store will refund any stolen money in the event of online fraud, you should still be cautious. You may indeed get all the money back - although the figures suggest this only happens about half the time - but the time and stress you will suffer are impossible to compensate. That's why it's important to pay special attention to the protection of confidential information, including your financial data," said Elena Kharchenko, head of consumer product management, Kaspersky Lab.

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