According to the UAE Banks Federation (UBF) Annual Report 2020, “In light of the rapid changes witnessed in 2020, remote work developments and the growing demand for electronic financial services, the banking sector prepared a superior infrastructure to meet the growing demand in this domain.
“Likewise, the CBUAE, which was also alert to the accompanying challenges, urged the banks operating in the UAE to strengthen their immunity against cyberattacks and keep developing their IT infrastructure and cybersecurity capabilities in accordance with the world’s best practices and standards.”
In response to this advice, in 2022 UAE banks continue to take significant steps to both safeguard customers’ assets and ensure they are informed and vigilant, staying one step ahead of fraudsters.
Miguel Rio Tinto, Group Chief Information Officer, Emirates NBD, said, “Fraud prevention is a top priority for Emirates NBD Group. Over the years, the bank has run many successful campaigns to educate public on fraud and online scams including the #secureyouraccount campaign in partnership with Dubai Police aimed at raising public awareness and education on cyber security.
“As part of its commitment to safe, secure banking, Emirates NBD conducts regular SMS, email and social media campaigns to sensitise customers to potential phishing/vishing attempts by fraudsters and remind them to never share their personal details with anyone.”
Mohammed Albalushi, Head of Fraud Risk Management, Abu Dhabi Islamic Bank (ADIB), says that fraudulent activity is constantly evolving. “There has been a recent rise in activity of click scams. A scammer will attempt to lure you into clicking on a seemingly legitimate link via email,” he says.
“Your account can be hacked without having shared any personal information (OTP/PIN/CVV) by just a mere click on a malicious link, allowing complete access to your accounts. ADIB works to educate the public to look for red flags and verify the legitimacy of fraudulent emails while banking online,” he says.
A focused approach
Hariprasad Chede, Head - Information Security Risk, Risk Management, National Bank of Fujairah (NBF), says that increasing consumer reliance on digital services has accelerated the bank’s focus on secure technology. “Digital transformation continues to be a crucial component within NBF’s business strategy. This means focusing on the interests and needs of customers and helping them to leverage the myriad new opportunities made possible by evolving financial technology,” he says.
“Cybersecurity is at the heart of the bank’s digital transformation and NBF has worked tirelessly to strengthen its layered security controls, increasing its cyber resilient capabilities and educating its workforce and customers about cyberattacks on a regular and ongoing basis.”