Fraud Schemes in Bahrain: Online Banking Scammers Wreak Havoc

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A Growing Concern

In a shocking revelation, scores of individuals and companies in Bahrain have fallen victim to online banking scams, losing substantial amounts of money from their accounts. The scammers seem to be on a rampage, targeting victims through fraudulent calls, SMSs, and online transactions.

Victims Speak Out

One such victim is Ajeesh P K, an IT manager who lost BD4,500 to scammers. “I woke up one morning to find that BD860 had been robbed from my account through ten online transactions,” he said. The scammer also managed to transfer 100 fils to his account using an online payment app.

The Banks’ Response

The banks have been accused of not taking sufficient responsibility to safeguard online accounts, leading to a blame game between the financial institutions and the authorities.

Cybersecurity Experts Weigh In

Cybersecurity experts point out that the scammers are using “social engineering” tactics to obtain sensitive information from unsuspecting victims. They advise individuals to be cautious when receiving calls or SMSs from strangers and to never share passwords with anyone.

Awareness Campaigns Not Enough

The Central Bank of Bahrain has carried out campaigns to raise awareness about online fraud, but many feel that more needs to be done to contain the scammers and their vast networks.

Exclusive Interview with Ali Beshara

In an exclusive interview, Ali Beshara, Head of Information Security and Risk Management at The BENEFIT Company, attributed the rise in online fund transfer scams to lack of alertness from users. He emphasized that users are almost totally protected if they don’t click on links sent by fraudsters or share passwords with strangers.

What Needs to Be Done

The authorities have been urged to take serious steps to tackle these online scammers and to form a unit to collectively handle the issue. Many experts believe that banks and money wallet apps should take more responsibility and share the risk with customers, as is the case in many developed countries.

The Way Forward

For now, victims are left counting their losses, with few options for recovering their stolen funds. The authorities must act swiftly to contain this growing menace and ensure the safety of online transactions in Bahrain.

Key Takeaways

• Online banking scams are on the rise in Bahrain, with scores of individuals and companies losing substantial amounts of money.
• Cybersecurity experts attribute the rise in scams to social engineering tactics and lack of alertness from users.
• The authorities have been urged to take serious steps to tackle these online scammers and to form a unit to collectively handle the issue.
• Banks and money wallet apps should take more responsibility and share the risk with customers, as is the case in many developed countries.