Oman Warns Against Surge in Cybercrime as Losses Reach $90 Million

A Growing Menace: Estimated Losses Reach $90 Million in 2016 Alone

Omani authorities have sounded the alarm on the growing menace of cybercrime, with estimated losses reaching a staggering $90 million (Dh330.5m) in 2016 alone. The majority of reported cases involved online money transfers, credit cards, and debit cards used at ATMs both within and outside the country.

Expats Most Affected

The statistics are alarming, with expats accounting for approximately 58% of recorded cybercrimes. It is no surprise then that this high-risk group includes those frequently sending money back home using digital channels, providing potential access points for fraudsters.

Warning Signs to Watch Out For

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. Similarly, 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.

Common Cybercrimes in Oman

The common cybercrimes plaguing Oman include:

• Phishing schemes: fraudsters masquerade as bank representatives
• Credit and debit card skimming: criminal organizations employ small devices to capture card information or install cameras at ATMs, enabling unauthorized access to victims’ bank accounts

The Impact of Cybercrime

The impact of these cybercrimes is far- reaching, with hackers managing to steal $39 million from Bank Muscat, Oman’s largest bank, in February 2013. In response, the Central Bank of Oman has encouraged local banks to invest more in advanced technologies to minimize fraudulent cases.

Bolstering Security Measures

In a move to bolster security measures, the Central Bank article in Al Markaz warned that financial institutions needed to increase investment in protective measures to prevent such incidents from occurring again. The authorities are urging vigilance and caution against the surge in cybercrime, emphasizing the need for individuals to take proactive steps to protect their financial information.

By taking these simple precautions, individuals can significantly reduce their risk of falling victim to cybercrime:

• Avoid accessing bank accounts in public places or internet cafes
• Do not share bank details via phone or email
• Be cautious when using public computers or internet cafes
• Monitor your account activity regularly for suspicious transactions
• Keep software and antivirus programs up to date
• Use strong, unique passwords for all online accounts