Financial Crime World

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Oman Takes Steps to Prevent Fraud in Online Banking

In a bid to combat the growing menace of cybercrime, Oman has taken significant steps to prevent fraud in online banking. The country’s Cyber Crime Law, issued by Royal Decree No. 12 of 2011, aims to address a wide range of illegal activities committed through computer devices or networks.

What are Cybercrimes?

Under the law, cybercrimes include:

  • Hacking software or malware
  • Phishing
  • Internet fraud and forgery
  • Identity theft

These crimes can take many forms, including:

  • Sending phishing emails
  • Modifying data on a computer system for personal gain
  • Stealing personal information

The Cybersecurity Law

The Cybersecurity Law also makes it a criminal offense to violate personal information and obtain such property through the use of technology. With technology advancing at an unprecedented rate, the law plays a crucial role in protecting individuals who fall victim to these crimes.

Banks’ Regulations and Guidelines

In response to cybercrime, Oman’s Central Bank has implemented strict regulations and guidelines for banks to follow, including adhering to the international standard ISO 27001 for information security management systems. ISO 27001 provides a framework for managing risk, ensuring confidentiality and integrity of data, and increasing organisations’ resilience to cyberattacks.

Banks’ Proactive Measures

In addition to these regulations, Oman’s banks have taken proactive measures to educate customers about the risks of cybercrime and how to protect themselves from fraud. They send out regular warnings through emails and text messages, informing individuals about the ways in which cybercrime can occur and advising them not to respond to or believe fraudulent messages.

Collaboration with Authorities

The Royal Oman Police and Information Technology Authority have also worked with banks to train staff on combating cybercrimes and creating public awareness campaigns. While banks are not responsible for financial compensation if customers willingly provide their banking information to criminals, they will compensate individuals who have had their assets stolen due to hacking into their accounts without direct contact.

Oman’s Cybersecurity Efforts

In recent years, Oman has made significant strides in cybersecurity, ranking third best Arab country and 21st overall in the world according to the International Telecommunication Unit’s Cybersecurity Index Report of 2020. The country is also home to a new Cyber Defence Centre, established under Royal Decree No.64 of 2020, which will work closely with the Internal Security Service to issue bylaws for further protection against cybercrimes.

Future Developments

Furthermore, Oman is expected to publish a new Draft Law on Cybersecurity and Data Protection in the near future, which will provide additional regulations and guidelines for combating cybercrime.

Conclusion

In conclusion, Oman’s efforts to prevent fraud in online banking are crucial in today’s digital age. The combination of the Cyber Crime Law, ISO 27001, and regulations from the Central Bank provides a robust framework for banks to follow, strengthening cybersecurity measures and protecting users from the harm incurred by cybercrimes. With ongoing developments in the field of cybersecurity, Oman is well-positioned to stay ahead of the curve and safeguard its citizens’ financial information.