Here is the article rewritten in markdown format:

Banking Sector Exposed to Growing Threats of Fraud

In Oman, the banking sector has been facing a significant threat from cybercriminals, with phishing and identity theft being the most common forms of fraud. According to recent statistics, 58% of individuals in Oman have fallen victim to financial crimes, making it essential for banks and regulatory bodies to take immediate action to prevent such incidents.

Cybercrime Law Crucial in Combating Fraud

The Cyber Crime Law issued by Royal Decree No. 12 of 2011 provides the necessary legislation to combat cybercrimes, including hacking, phishing, internet fraud, and forgery. The law makes it a criminal offense to violate personal information and obtain such property through the use of technology.

Measures Taken by Banks

In response to the growing threat of cybercrime, banks in Oman have taken measures to strengthen their cybersecurity systems. Article 28 of the Cybersecurity Law punishes individuals who use credit cards without authorization with imprisonment between one to six months and a fine between USD 1300 to USD 2600.

International Standard for Information Security

The Central Bank of Oman has required all banks to adapt to the ISO 27001 standard, which provides specifications for the protection of information security management systems. This system includes risk management, confidentiality, and integrity, making it an effective tool in preventing cyberattacks.

Awareness Campaigns Launched by Banks

Banks have launched awareness campaigns through emails and text messages to educate customers about the ways in which cybercrime can occur. They also work closely with law enforcement agencies to prevent such crimes.

Oman’s Cybersecurity Efforts Recognized Internationally

Oman has been ranked third best Arab country and 21st overall in the world in the Cybersecurity Index Report of 2020, released by the International Telecommunication Unit. The country is also set to establish a Cyber Defence Centre under Royal Decree No.64 of 2020.

Draft Law on Cybersecurity and Data Protection

The government is expected to publish a new Draft Law on Cybersecurity and Data Protection in the near future, which will further regulate cybersecurity and play a significant role in preventing and tackling cybercrimes in Oman.

Conclusion

In conclusion, the banking sector in Oman is facing a growing threat of fraud, but regulatory bodies and banks are taking measures to prevent such incidents. The Cybercrime Law, ISO 27001 standard, and awareness campaigns launched by banks have strengthened the cybersecurity measures in place, providing additional protection to users from the harm incurred by cybercrimes.