UAE: Scammers more interested in personal data than bank details

UAE: Scammers more interested in personal data than bank details

Cybersecurity experts say individual identities are worth far more than card data on the black market

Published: Thu 9 Feb 2023, 2:11 PM Last updated: Thu 9 Feb 2023, 2:55 PM

For UAE consumers, it is not the bank data, but the disclosure of their personal data shared online that puts them at a greater risk when it comes to fraudsters and scammers.

Cybersecurity experts warn that individual identities are sold at a much higher cost than bank card details in the black market by scammers; therefore, stealing personal and individuals identities is a bigger area of interest for fraudsters.

Due to the boom in online shopping, the problem of identity leaks is becoming very significant for residents.

Alexander Lyamin, founder of Qrator Labs, said compared to larger markets like the US and Europe, the number of DDoS attacks in the UAE is so far minimal.

“But given the steady trend towards digitalisation and the rich booming economy, it's only a matter of time before attackers come to commercialise DDoS attacks in this market,” he said.

He said the main target for fraudsters in today's world is not bank card data, as it used to be, but rather users’ personal data.

“The bank cards’ security mechanisms have long