Financial Crime World

Title: Oman Warns of Rising Cybercrime in Finance: A Call for Vigilance Against Online Fraud

Increase in Cybercrime in Oman

  • Omani authorities have issued a warning against the surge in cybercrime, with estimated losses reaching US$90 million (Dh330.5m) in 2016 [1].
  • The majority of reported cases involved online money transfers, credit cards, and debit cards used at ATMs both within and outside the country [1].
  • Online transactions were another significant problem area [1].

Targeted Group: Expats

  • Expats accounted for approximately 58% of recorded cybercrimes [1].
  • The high-risk group includes those frequently sending money back home using digital channels, providing potential access points for fraudsters [1].

Safety Tips

Ahmed Al Mabsali, Muscat financial transaction company director

  • Warned against accessing bank accounts in public places or internet cafes while abroad [2].
  • These locations are popular targets for hackers seeking to steal sensitive financial information [2].

Qais Al Sunaidi, Retired Banker

  • Advised against sharing bank details via phone or email [2].
  • Cautioned against inputting this information on public computers or internet cafes [2].

Common Cybercrimes

  • Phishing schemes, whereby fraudsters masquerade as bank representatives, are common [2].
  • Credit and debit card skimming is another prevalent cybercrime in Oman [1].

Credit and debit card skimming

  • Criminal organizations employ small devices to capture card information or install cameras at ATMs [1][3].
  • Enabling unauthorized access to victims’ bank accounts [1].

Impact on Financial Institutions

  • Hackers managed to steal $39m from Bank Muscat, Oman’s largest bank, in February 2013 [3].

Response from Central Bank of Oman

  • Encouraging local banks to invest more in advanced technologies to minimize fraudulent cases [3].
  • A Central Bank article in Al Markaz warned that financial institutions needed to increase investment in protective measures [3].

[1]: Muscat: Omani authorities urged caution against the surge in cybercrime, The National, (2016). [2]: Qais Al Sunaidi, a retired banker, and Ahmed Al Mabsali, director of Muscat financial transaction company, Muscat Daily, (2016). [3]: Fintech’s Rise in Oman: Central Bank of Oman Encourages Banks to Adopt Advanced Technologies to Minimize Fraudulent Cases, Arabian Business, (2016).