Cybercrime in Lebanon’s Finance Industry Sees Slight Decline Amidst Growing Concerns
Despite a slight decline in financial cybercrime cases in Lebanon, experts are sounding the alarm over the growing threat of online fraud and the need for robust measures to combat it.
A Mixed Bag: Decrease in Cases but Growing Concerns
According to Abdul Hafiz Mansour, head of the Special Investigation Commission, the number of cybercrime cases decreased by 15 percent in 2018 compared to the previous year. However, he warned that this trend is likely to reverse as electronic transactions become more widespread.
“We don’t have a culture of online shopping in Lebanon yet, but once it becomes a fixture, then we’ll have to deal with all the headaches that come along with it,” Mansour said.
Efforts to Mitigate Risks
The Lebanese Central Bank has been working to mitigate these risks by implementing key measures, including:
- A binding circular warning citizens of potential cyber threats
- Encouraging them to proactively detect fraudulent transactions
Central Bank Governor Riad Salameh also announced plans to launch digital currencies as a recognized form of official transactions, which he claimed will facilitate payment methods and save consumers’ costs. However, experts have expressed concerns over the lack of regulation in this area.
Vulnerability of Lebanese Firms
Meanwhile, Internal Security Forces Chief Maj. Gen. Imad Othman warned that many Lebanese firms are still vulnerable to piracy and hacking, with hackers often using service providers in Europe to access their accounts.
Othman emphasized the need for effective punishment of those who break the law, citing the recent murder of British radio DJ Gavin Ford as an example.
Experts’ Concerns
Experts also stressed the importance of developing a national cybersecurity strategy and action plan to address the growing threat of cybercrime. The Lebanese government has been criticized for its lack of organization in this area, with many experts warning that Lebanon is lagging behind other countries in terms of ICT development.
As the use of electronic transactions becomes more widespread in Lebanon, it’s essential that measures are put in place to protect citizens and businesses from the growing threat of cybercrime.