Financial Crime World

Cybercrime in Finance: A Growing Concern in the United Arab Emirates

The rapid advancement of technology and increasing digitalization of financial transactions have made cybercrime a significant concern globally, including in the UAE. The country has taken steps to combat this growing threat by implementing Federal Decree-Law No. 34/2021 Concerning the Fight Against Rumors and Cybercrime.

Types of Cybercrimes

The law aims to combat different types of cybercrimes, including those targeting financial institutions, by exploiting Information Technology. These forms of bank fraud have emerged as a major concern:

  • Phishing scams
  • Identity theft
  • Malware attacks
  • Unauthorized access
  • Payment card fraud

Provisions of the UAE Cyber Law

Under the UAE cyber law, bank fraud is comprehensively addressed through provisions that define cyber-attacks and hacking as deliberate actions aimed at disrupting, exposing, or leaking data from information systems, electronic networks, or electronic methods. Hacking is considered an unauthorized breach of licensing provisions, punishable by:

  • Detention
  • Fines ranging from AED 100,000 to AED 300,000

The law also imposes penalties for:

  • Unauthorized acquisition, modification, or disclosure of electronic personal or financial data:
    • Provisional imprisonment for a minimum of 5 years
    • Fines from AED 500,000 to AED 3,000,000
  • Manipulation of information networks
  • Fabrication of electronic accounts or websites
  • Illegitimate interception and disclosure of information
  • Breaches of personal data laws

Prioritizing Data Safeguarding

The UAE’s cyber law prioritizes the safeguarding of personal and financial data, making it essential for both individuals and businesses to understand these laws and take proactive steps to reduce the risks from cybercriminals. By staying informed and alert, individuals can protect their financial assets in today’s digital world.

Remember: understanding the UAE cyber law and taking proactive measures is crucial to safeguarding your personal and financial data. Stay informed and stay protected!