The UAE is facing an unprecedented wave of cyber fraud, with public entities fending off 50,000 attacks daily, according to Dr. Mohammed Al Kuwaiti, head of Cyber Security. Phishing, ransomware, and DDoS attacks are rampant, but banks seem ill-equipped to protect their customers.
From credit cards being charged for phantom purchases to accounts drained without OTPs, victims like Sharjah resident Ayesha Naseem and Dubai housewife Sarika Thadani are left with nowhere to turn. Naseem, whose card was fraudulently used in Qatar, watched her debt balloon due to late fees, while Thadani’s card was hit with charges despite being blocked.
Disturbingly, banks’ responses have been shockingly similar: shifting blame, threatening legal action, and deploying aggressive recovery agents. Abdul Kader, a driver, discovered Dh16,055 in charges from Poland, but his bank claimed OTPs were sent — yet he never received them.
Experts like Obaidullah Kazmi, CTO of Credo, argue that insider involvement and outdated security measures are contributing to this crisis. Kazmi advocates for cutting-edge technologies like AI-driven fraud detection, blockchain identity verification, and SIM-swap detection tools to prevent breaches.
As victims fight an uphill battle for justice, the pressing question remains: will UAE banks finally step up to protect their customers, or will more residents fall prey to cybercriminals?
