Cybercrime on the Rise in Oman: Estimated $90 Million Losses Warn Authorities

Omani authorities have sounded the alarm over a significant surge in cybercrime, with estimated losses reaching a staggering $90 million in 2016. This alarming trend is attributed to various forms of online fraud, including online money transfers, credit card and debit card transactions at ATMs within and outside the country.

Vulnerability of Expats

Expats are particularly vulnerable to these crimes, accounting for approximately 58% of recorded cybercrimes. This is largely due to their frequent use of digital channels to send money back home, providing potential access points for fraudsters.

Tips for Staying Safe

To stay safe, Ahmed Al Mabsali, director of Muscat financial transaction company, warns against accessing bank accounts in public places or internet cafes while abroad. These locations are popular targets for hackers seeking to steal sensitive financial information.

Additionally, Qais Al Sunaidi, a retired banker, advises against sharing bank details via phone or email and cautions against inputting this information on public computers or internet cafes.

Types of Cybercrimes in Oman

Phishing schemes, where fraudsters masquerade as bank representatives, are common in Oman. Credit and debit card skimming is another prevalent cybercrime, where criminal organizations employ small devices to capture card information or install cameras at ATMs, enabling unauthorized access to victims’ bank accounts.

Notable Incidents

The impact of these crimes on financial institutions has been significant, with hackers managing to steal $39 million from Bank Muscat, Oman’s largest bank, in February 2013.

Response from Authorities

In response to the growing threat posed by cybercrime, the Central Bank of Oman is urging local banks to invest more in advanced technologies to minimize fraudulent cases. The authorities are keenly aware that financial institutions need to increase investment in protective measures to prevent such incidents.

Educating the Public

The authorities are working to educate the public on how to stay safe online and reduce their risk of becoming a cybercrime statistic. By taking simple precautions and being aware of the tactics used by fraudsters, individuals can significantly reduce their risk of falling victim to these crimes.

Conclusion

With losses estimated at $90 million in 2016 alone, it is clear that the consequences of falling victim to these crimes can be devastating. By staying informed and taking necessary precautions, individuals can protect themselves from the growing threat of cybercrime in Oman.