Financial Crime World

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Cybercrime on the Rise: Finance Sector Vulnerable to Threats

Beirut, Lebanon - Despite a slight decline in cybercrime cases last year, Lebanon’s finance sector remains vulnerable to online threats. According to Abdul Hafiz Mansour, head of the Special Investigation Commission, financial cybercrime in Lebanon saw an “absolute decrease” of 15 percent in 2018 compared to the previous year.

A Growing Threat

However, Mansour warned that the increase in electronic transactions and personal data will inevitably lead to more cybercrimes. “We don’t have a culture of online shopping in Lebanon yet, but once it becomes a fixture, we’re going to have to deal with all the headaches that come along with it,” he said.

Mitigating Risks

The Central Bank has taken steps to mitigate the risks involved in cyber transactions, including issuing a binding circular to warn citizens and make them more aware of such risks. However, experts say that there is still no solidly effective mechanism to combat cybercrimes.

Digital Currencies on the Horizon

Meanwhile, Governor Riad Salameh announced that Banque du Liban will soon launch digital currencies as a recognized form of official transactions. “BDL will launch the digital currency for local use only, and the purpose is to facilitate payment methods, activate monetary technologies and save the cost on consumers,” Salameh said.

A Double-Edged Sword

However, experts warn that this move may increase the risk of cybercrimes, particularly if the necessary security measures are not put in place. “Banks should have bigger budgets in order to better protect themselves, and should not merely rely on supervisory bodies,” warned Internal Security Forces chief Maj. Gen. Imad Othman.

A Call for Action

The ISF has been working to combat cybercrime in Lebanon, but experts say that more needs to be done. “Lebanon as a state is lagging behind, as there is a lack of organization when it comes to ICT, particularly in the realm of cybercrime and… things are often done arbitrarily,” said National ICT Strategy Coordinator Lina Oueidat.

A National Cybersecurity Strategy

The government has announced plans to develop a national cybersecurity strategy and an action plan to face the risks of cybercrimes. However, experts say that more needs to be done to protect Lebanon’s finance sector from online threats.

Cybercrime Statistics

  • 107 cybercrime cases in the first three quarters of 2018
  • 15 percent decrease in cybercrime cases compared to 2017
  • Increase in electronic transactions and personal data expected to lead to more cybercrimes

Digital Currencies

  • Banque du Liban to launch digital currencies as a recognized form of official transactions
  • Digital currencies will be used for local use only
  • Purpose is to facilitate payment methods, activate monetary technologies and save the cost on consumers

Security Measures

  • Central Bank has issued a binding circular to warn citizens and make them more aware of cybercrime risks
  • ISF has been working to combat cybercrime in Lebanon
  • National cybersecurity strategy and action plan expected to be developed