It’s no secret that the digital revolution is here to stay and has dramatically changed the world — from how we connect with each other, to the way we manage our finances and how we bank.

In today’s fast-paced age, technology is playing an increasingly important role in the way we live and work. However as the opportunities it offers continue to grow, so do the threats to our cyber security.

There is no doubt that fraud and cybercrimes are on the rise, with attacks becoming more sophisticated every day. According to PricewaterhouseCooper’s (PwC) Global Economic Crime Survey for 2016, 32 per cent of respondents worldwide were affected by cybercrime, whilst 34 per cent cited that they felt likely to be affected over the next two years.

Studies have also indicated that 3 out of 10 credit card customers have been a victim of fraud during their lifetime.

In the UAE, a survey conducted by ACI Worldwide in 2016 revealed that 27 per cent of UAE residents reported being a victim of credit card fraud in the past five years. This figure has dropped from 44 per cent in 2014, on account of the combined effort of various regulatory agencies in the UAE.

However, with the growing popularity of online and mobile banking, as well as online shopping, the need to protect our personal details is more critical than ever.

Various studies have indicated that losses to customers caused by social engineering scams are high around the world. While the way these scams operate varies from one case to another, a common theme is fraudsters promising get-rich-quick schemes to people in return for their personal details or some form of advance payment.

Personal details of victims are then used by fraudsters to siphon money from their accounts or cards. People often fall victim to schemes that from the outset sound too good to be true, including lottery, advance fee, investment, and work-from-home scams, in addition to Ponzi schemes.

These are all deceptive ploys which can lead to people losing their hard-earned money.

Businesses on the other hand are often targeted by “redirection” or business email scams, which in essence aim to redirect funds being paid by businesses towards various purposes to fraudulent bank accounts.

Typically, fraud can be categorised into two areas — external and internal. Studies have indicated that organisations with strong controls and a culture of “zero tolerance” have lower fraud levels, and therefore lower fraud losses.

Fraud can be actively prevented by implementing a layered approach where strict policies and procedures are applied for detection, as well as prevention, including thorough screening processes for the onboarding of customers, employees and vendors, in addition to monitoring systems that flag unusual behaviour.

While banks are taking ongoing steps to enhance their security measures and ensure that employees are fully trained in how to detect and prevent fraud, educating customers to protect themselves is key to reducing the number of these attacks.

Though it is clear that fraud awareness levels are rising in the UAE, with customers regularly reporting suspicious calls, emails, or activities, there is still more work to be done. ACI Worldwide highlighted that 25 per cent of UAE consumers make a note of their pin number and carry it with them.

Furthermore, 19 per cent respond to emails and calls asking for their bank details, and 26 per cent shop online on a public computer or without up-to-date security software.

Prevention is certainly better than a cure, and reducing these risky consumer behaviours can lead to a positive impact on fraud in the UAE and the wider region.

As such, the UAE Central Bank, the UAE Banks Federation, banks in the UAE and telecommunication companies are working closely together to raise awareness about the various risks and fraud attempts that customers are exposed to on a daily basis through informative campaigns, as well as supporting initiatives such as the ACFE’s annual (Association of Certified Fraud Examiners) International Fraud Awareness Week.

This involves sharing tips and advice among both the public and employees on a regular basis, and providing anti-fraud training and education.

In an increasingly connected world, cybercrime is a problem which is not going away. It is therefore our joint responsibility — as banks, regulators, customers, and other relevant parties — to work together and ensure a safer and more protected financial environment for all.

The writer is Group Chief Risk Officer at First Abu Dhabi Bank (FAB).