Over 60% of financial attacks starts with stolen login details, says UAE council

The Cyber Security Council has urged individuals and users in cyberspace to strengthen the protection of their financial information, noting that financial data remains among the primary targets of online fraudsters seeking to steal assets belonging to individuals, companies and institutions.

The Council called on individuals to exercise caution when handling any financial data online and to ensure such information is properly and securely protected.

It emphasised that every step taken by individuals to safeguard their data, particularly financial data, across the internet and cyberspace helps reduce the likelihood of falling victim to cyber threats, online fraud and identity theft. Such attacks may take the form of direct attempts targeting bank accounts and financial information, or indirect fraud and identity theft through unauthorised access to personal data and accounts, including email accounts, followed by the theft of financial information.

As part of its weekly awareness campaign, the Council underscored the importance of constant vigilance and caution to prevent fraudulent attacks targeting financial and banking data.

The Cyber Security Council further stressed the need for individuals to change behaviours related to the use of financial data online by relying on secure payment methods, avoiding the storage of financial information on electronic devices such as mobile phones or personal computers, regularly monitoring bank accounts, refraining from engaging with fake advertisements or untrusted entities outside official banking channels, and verifying received messages. It noted that fraudsters increasingly use advanced technologies to impersonate the logos and identities of banks and trusted financial institutions to lure users and steal their financial data.

The Council also called on individuals to adopt a set of measures to prevent or reduce the likelihood of attacks targeting individuals, companies and institutions aimed at stealing financial data through identity theft or fraudulent transactions, which may result in significant financial losses.

It noted that 60 percent of cyberattacks begin with the theft of login details, urging individuals to avoid storing sensitive passwords on inadequately secured devices, regularly review privacy settings on personal devices, delete untrusted applications, enable two-factor authentication, and ensure operating systems and software are updated on a regular basis.

The Cyber Security Council advised against using open or free Wi-Fi networks for banking activities or financial transactions, as such networks are often unsecured and vulnerable to breaches. It also highlighted the importance of creating strong and unique passwords for bank and personal accounts linked to financial services, as well as enabling instant bank alerts to receive real-time notifications of account activity, allowing swift response and immediate reporting in the event of any breach or electronic fraud.

The Council reaffirmed that these guidelines highlight the importance of awareness and caution against electronic fraud, stressing the need for vigilance before clicking on or sharing electronic links and refraining from disclosing personal or financial information. It noted that rapid technological developments require sustained awareness of evolving cyber risks.

The Council added that cybersecurity has become a major challenge in the digital space, and that these preventive measures complement ongoing government efforts to address digital challenges associated with rapid technological advancement.

The Cyber Pulse awareness campaign, launched by the Cyber Security Council for the second consecutive year across social media platforms, supports the UAE’s efforts to build a secure cyberspace that protects users from growing digital risks, promotes a culture of cybersecurity, enhances digital awareness among families and individuals, and strengthens cybersecurity practices to ensure the safety and privacy of citizens and residents amid rapid digital transformation.

WAM