At the RSA Conference 2023 today, Google announced Cloud Security AI Workbench, a cybersecurity suite powered by a specialized “security” AI language model called Sec-PaLM. An offshoot of Google’s PaLM model, Sec-PaLM is “fine-tuned for security use cases,” Google says — incorporating security intelligence such as research on software vulnerabilities, malware, threat indicators and behavioral threat actor profiles.

Read more: TechCrunch

The post Google brings generative AI to cybersecurity appeared first on FinTech Ranking.

In his writing, Buterin notes that assuring privacy remains a big challenge for the ecosystem, and that “improving this state of affairs is an important problem.”

Stealth addresses are generated by wallets and muddle public key addresses in order to transact in a private way. To access these private transactions, one must use a special key called the “spending key.”

Read more: CoinDesk

The post Ethereum’s Buterin Proposes ‘Stealth Addresses’ to Enhance Privacy Protections appeared first on FinTech Ranking.

The following list of poor cyber hygiene consequences is by no means exhaustive. But it stresses that you should at least enforce strict password policies, as they are the first defense against prying eyes.

We’ll start by explaining what kind of values should be applied to your business in order to avoid the possible consequences of not taking care of cybersecurity. Then we’ll move to a more understandable explanation of this problem.

The Confidentiality, Integrity, and Availability

The CIA triad is an excellent place to begin understanding the value of cyber-hygiene.

Confidentiality

To maintain confidentiality, only those authorized must have access to certain information. It means ensuring that only authorized people can access or make changes to data and systems. A security breach or illegal access brought about by poor cyber-hygiene compromises confidentiality.

Integrity

Integrity means ensuring that information is accurate and complete. Accuracy is reflected when no unauthorized party or technical error alters the data. Complete information means no unauthorized party or technical error deletes any details.

Integrity also requires nonrepudiation, meaning no one can dispute its authenticity or accuracy. Man-in-the-middle attacks are a known consequence of poor cyber hygiene. They pose a grave threat to integrity.

Availability

Availability implies data, systems, communication methods, and security controls perform as intended.

Availability is often seen as less critical than confidentiality and integrity. But it is a crucial aspect of cyber security.

Ensuring availability can be challenging. And it can be much trickier than guarding privacy or accuracy. One reason is that larger businesses have the “too many cooks in the kitchen” problem. They have a lot of non-cybersecurity personnel handling data while performing their tasks.

Criminals launch distributed denial-of-service attacks to reduce availability. DDoS attacks are easy to execute and challenging to prevent. The only thing you can do is observe proper password hygiene. The sheer difficulty of cracking your password can ward off hackers.

Online businesses understand the challenges of creating and maintaining many user accounts. Yet remembering different passwords for many accounts makes employees reuse passwords, posing a serious security concern. Business password managers are an easy solution in this case. With it in use, your employees won’t have to use weak or repetitive passwords.

The CIA triad is also known as the goals of cybersecurity. The loss of confidentiality, integrity, and data availability sums up the impact of poor cyber hygiene. But you can better understand them in terms that reflect human experiences.

Outcomes of Poor Cyber-Hygiene

1. Financial Losses

A hacker gaining access to your bank account and stealing money is an example of a direct financial loss. Indirect monetary losses occur when businesses lose clients due to a security breach.

About 24% of businesses hit by cybercrime lost between $50,000 and $99,999. Another 22% of the companies lost between $200,000 and $499,999. Meanwhile, on average, cyber security breaches cost UK firms 1,200 British pounds in 2022. This might not seem like a high number, yet it increases significantly when talking about larger businesses.

2. Career Damage

Imagine a breach occurs under the watch of a cybersecurity expert and due to negligence. In that case, that person’s professional reputation will take a hit.

But other professionals can also experience the impact of a breach. CEOs are subject to termination, and board members are liable for lawsuits.

Hackers can damage a professional’s reputation if they leak sensitive information. That could include, for example, documentation of wrongdoing and emails containing offensive content.

3. Physical Harm

Failure to maintain cybersecurity can endanger human lives. In 2021, an Alabama hospital experienced system disruptions due to a ransomware attack. It resulted in a newborn baby’s death due to preventable medical errors. And Russian hackers broke into the US nuclear weapons agency and at least three other countries.

Most cyberattacks would have a slower death toll than nuclear weapons, but they can be as deadly. Hacks can lead to a lack of food, electricity, or gas for heating. A hacked traffic signal system can also result in traffic accidents. These are all potential causes of injuries or fatalities.

Conclusion

Maintaining good cyber hygiene is one of the most crucial measures in stopping a hack. And to a large extent, passwords serve as a critical component.

Often, a password stands between an attacker and complete control of a system. Follow cyber hygiene best practices to avoid loss of life, money, or career.

The post A Poor Cyber-Hygiene Can Lead to These 3 Consequences appeared first on FinTech Ranking.

This post will discuss the parallels and contrasts between the two. The inseparability of the two will also become apparent.

When Talking About Data, What Exactly Do We Mean by “Privacy?”

Protecting private data and information ensures secure collection, archiving, access, and use. Individuals’ rights concerning control over their data are at the heart of this issue. In much simpler words, data privacy entails managing one’s personal data. The strictness and uniformity with which data privacy rules and regulations are enforced might vary significantly from one jurisdiction to the next.

What Laws Protect and Uphold Data Privacy?

Countries around the world are beginning to see that tight regulations to safeguard private information are beneficial to both corporations and their clients. 

The General Data Protection Legislation (GDPR) enacted by the European Union is the most stringent regulation to date, and it has served as a model for other countries’ privacy mandates. The California Consumer Privacy Act (CCPA), the Lei Geral de Protecao de Dados (LGPD) in Brazil, and the planned Digital Charter Implementation Act in Canada are just a few examples of recent and upcoming data protection laws.

Is Data Privacy Alone Enough?

There are many things in the Data Privacy Laws in 2022 that users and companies should know to uphold data privacy. However, while these laws and proposals are significant steps toward protecting personal information, they will not be effective unless a robust data security infrastructure and appropriate technology solutions are also in place.

Learning the Meaning and Implications of Data Security

In contrast to data privacy, which is concerned with disclosing information, data security is concerned with safeguarding information from external and internal sources of danger. While implementing data security policies and processes can help prevent cyberattacks and accidental usage, this is usually not enough to satisfy privacy regulators.

The term “data security” refers to a business’s real solutions to safeguard digital data throughout its entire infrastructure. The foundation of your data security measures should be a well-thought-out strategy that addresses three main areas: the people, the processes, and the technology that will be used to enforce the policies established to safeguard the sensitive and private information you store.

A Real-World Look at Data Privacy and Security

Let’s examine a realistic scenario to understand these ideas better. You may be asked to agree to a privacy agreement before installing a mobile app on your smartphone. From there, the app may request access to more data on your phone, such as your contacts, location, and images. If you opt to give an app access to sensitive information, it is on the app to keep that information secure and private, which isn’t always the case.

The Crucial Role of Data Security in Modern Enterprise

Safeguards are in place to prevent hackers from gaining access to sensitive information on websites, computers, and other data storage devices. This method can also secure data against accidental deletion or malicious alteration. Today, no business, no matter how big or little, can afford to ignore the importance of data security. Inadequate preparation for protecting sensitive data can have significant consequences for businesses.

Always Accepting Terms and Agreements: Why it is Dangerous

It would be unethical and breach data privacy if an app’s creator resold the data you provided to a marketer or third party without your knowledge. It would be another invasion of your privacy and a security flaw if the app developer suffered a breach that exposed your information to attackers. 

It may be because of faulty and lack of security measures resulting in the corruption of data security. In both cases, the developer did not take adequate precautions to safeguard your personal information.

So, What is Really the Difference Between Data Privacy and Security?

To sum it up, data privacy and data security are two entirely different concepts. Respecting users’ right to privacy requires thoughtful consideration of how data is used, collected, stored, deleted, and retained. Information safeguards or data security include procedures, practices, and technology for keeping sensitive data safe.

Google’s handling of your information during account management is an example of data privacy. In contrast, using a password to protect your Google Gmail account is an example of data security. 

Mugged House Analogy to Further Differentiate Data Privacy and Security

For instance, the absence of a window allows an attacker to enter the premises and violate the safety and privacy of its people.

Once installed, the window will do a respectable job of preventing trespassers from gaining access to the building. It won’t, however, stop them from peering inside and violating the residents’ right to secrecy; not without a curtain, anyway. To (over)simplify, the window represents a security measure, while the curtain represents a privacy measure.

Can One Exist Without the Other?

The former does not necessitate the latter, but the latter cannot function without the former. This means that privacy cannot exist without data security. Why? Because without security measures, information is vulnerable to negating privacy. Data privacy also relies heavily on information security.

The Role of Data Security in Protecting Personal Information Upholding Data Privacy

Data privacy aims to prevent any unauthorized use or disclosure of stored information at any point in time. Data security aims to prevent unauthorized access to or use stored information and protect an individual’s privacy. Effective measures to protect personal information must also ensure that the data is secure.

That is why there is a need for a properly secured and sustainable data center for collecting, managing, and retrieving users’ data. 

Why has the Application of Data Security Never Been Needed than it is Right Now?

The remarkable growth in network traffic can be attributed to the massive amounts of data transferred in today’s cloud and data center settings. The current era we find ourselves in has been dubbed the “zettabyte era” by The Economist. Managing and securing the transmission of private or sensitive data at every possible point is the most sensible response to the massive volume of traffic generated. Both proactive businesses and global authorities have made tremendous advances. 

Here are considerations why data security is much more crucial than ever:

• Integrity and Accuracy Protect Users from Cyber-Attacks. Both privacy and security depend on the fact that information can be trusted to be correct and unaltered at all times.

• The Proliferation of Cyber-Attacks can be Avoided with Access Control Systems. In this age of rapidly developing technology, privacy and security depend on the fact that information can be trusted to be correct and unaltered at all times.

• Cybersecurity Fears could Lead to Stricter Accountability Regulations. A company’s data policy should be comprehensive, covering confidentiality and safety.

Overall, Data Privacy is to Information Protection, and Data Security Equates to Implementation

Because of this, we learned why protecting sensitive information in today’s data-driven economy is crucial. Since all of life is a race and everyone requires fuel, the only thing that matters is making the right decision to preserve sensitive information and maintain personal privacy. Companies, corporations, and policymakers should also be stricter in upholding and implementing data privacy and security regulations.

The post What is the Difference Between Data Privacy and Data Security appeared first on FinTech Ranking.

A similar system is already in place for Mastercard’s fiat transactions, with the technology now expanding to Bitcoin and other major cryptocurrencies.

Read more: Decrypt

The post Mastercard Launches Cryptocurrency Anti-Fraud Tool for Card Issuers appeared first on FinTech Ranking.

Following the attack on the Nomad Bridge, many cryptocurrency platforms are tightening their security systems to avoid falling prey to hackers. The Nomad Bridge is the largest attack on a cryptocurrency bridge to date, but it’s not the first cryptocurrency hack the industry has seen. The largest attacks have been a result of staffing shortages, compromised security, and the use of hot wallets. The

1.   Mt. Gox

Over $850k worth of Bitcoin was stolen from Mt. Gox between 2011 and 2014, a massive amount that keeps it the biggest cryptocurrency theft in the history of the industry. According to Mt. Gox, a flaw that led to the loss, was brought on by the transaction malleability problem.

Mt. Gox’s private keys were found to have been stolen in September 2011, and the company failed to utilize any auditing procedures to identify the incident. Additionally, because Mt. Gox often reused Bitcoin addresses, the stolen set of keys was utilized to steal fresh deposits, and by mid-2013, the exchange had lost approximately $630k in Bitcoin.

2.   Linode

The web-hosting service company was popular amongst Bitcoin exchanges and Bitcoin as a platform to store their hot wallets. In June of 2011, the platform was hacked, and the hot wallets of the platform were infiltrated. This led to the loss of at least $46k in cryptocurrency, but the precise amount has not been disclosed.

3.   Bitfinex

In 2016, Bitfinex saw 119,756 Bitcoin stolen despite the use of multisig security measures. The crypto trading and storage firm had teamed up with BitGo in order to serve as a third-party escrow for customer withdrawals. The platform had also opted against using cold wallets to qualify for a legal exemption from the Commodities and Exchange Act.

4.   Coincheck

$530 million USD worth of cryptocurrency tokens (NEM ($XEM) tokens) were stolen from Japan-based Coincheck in January 2018. Despite investigations into the attack, it is still unknown who the Japanese hackers are that penetrated the security system.

After the attack, Coincheck confirmed that there was limited personnel working at the time, allowing hackers to access their system. With a staff shortage and systems effectively compromised because funds were held mainly in hot (online) wallets, the hackers were able to gain access to the firm and customer’s funds.

5.   Bitfloor

In May 2012, BitFloor was attacked leading to the loss of $24k worth of Bitcoin. During the attack, the hacker was able to access an unencrypted backup of wallet keys and took cryptocurrency worth around $250,000 in total. Like Mt. Gox, the attack resulted in the exchange shutting down and suspending all services permanently.

6.   KuCoin

In September of 2020, the loss of significant amounts of Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC), Ripple (XRP), Stellar Lumens (XLM), Tron (TRX), and Tether (USDT) was revealed by KuCoin.

According to the exchange, the attack caused the loss of $275 million USD worth of cryptocurrency, stolen by Lazarus Outfit, a North Korean cyber group. Unlike most other attacks, the exchange was able to reclaim almost $240 million USD in payments.

7.   Wormhole (bridge)

The fourth-largest attack in DeFi history occurred when an assault on Wormhole scammed users of an estimated $328 million. According to a preliminary investigation by blockchain-auditing firm CertiK, the attacker created 120,000 wrapped Ethereum (wETH) for themselves by abusing a mint function on the Solana side of the Wormhole bridge to claim ETH that was kept on the Ethereum side of the bridge.

To avoid being vulnerable to cryptocurrency attacks, make sure you are practising safe cyber security with your own trading. There are protocols and platforms such as Bit Index AI that allow you to trade easily and safely, but it’s also important to put your own security measures in place for peace of mind and safe storage while holding cryptocurrency.

The post The biggest attacks in crypto and what went wrong appeared first on FinTech Ranking.

Before we learn how to implement SASE for a business, we need to have SASE explained in simple terms so that its aim and definition are clear.

What is SASE?

SASE is a network architecture that combines WAN (wide area network) capabilities with cloud-native security services. The final result is a dynamic, adaptable, and secure network architecture capable of delivering the performance required for today’s applications and resources deployed across public, private, and hybrid clouds.

Rather than focusing the network on the organization’s primary private data center, SASE places the cloud at the heart of the network. In current days where cloud usage in businesses is at a high level, having solutions for cloud-based security is crucial. By installing security agents on a single, isolated user’s device, SASE can be utilized to secure that user.

What are the benefits of SASE?

There are several reasons to trust SASE with your cybersecurity. The following are some of the most significant advantages of using the framework.

Security procedures that are simpler and less expensive

Using the SASE approach cuts down on the number of security tools and solutions your company needs. Using a single platform instead of buying and administering several point products will drastically cut your expenses and IT resources. 

By unifying your security stack into a cloud-based network security model, you can also simplify your IT infrastructure by reducing the number of security products your IT staff needs to manage, update, and maintain.

Greater control and visibility

SASE cuts the number of security agents on user devices and edge network equipment at remote corporate sites. This maintains visibility and makes data more accessible to consumers regardless of their location. Users are also likely to combine many tech providers, SD-WAN, and security into a single platform.

Network flexibility and security

SASE’s cloud capabilities’ integration and flexibility provide enterprises with extra benefits not seen in other security solutions. Since SASE integrates numerous technologies into one solution, enterprises profit by streamlining their existing IT infrastructures. 

SASE also allows businesses to deploy security rules to numerous locations, including remote offices, branch offices, and individual users. This lowers expenses while also lowering the risk of introducing vulnerabilities and security holes when connecting and installing numerous security systems.

Compatibility with IoT devices

SASE enables organizations to centrally manage network integration, security, and policy control of dispersed devices as IoT traffic continues to grow. This architecture, which is gaining popularity, eliminates the need for software agents on end devices, enhancing performance and saving costs.

Devices connected to the Internet are exposed to a variety of attacks that might compromise the security of sensitive IoT data. This is where SASE comes in and saves the day. IoT users benefit greatly from the combination of cloud-based, centralized policy administration and identity-driven SASE services.

Why is SASE important for businesses?

Most people would agree that organizations of all sizes need a security architecture that allows workers, partners, suppliers, and customers to use the cloud safely and quickly. SASE combines networking and network security into a single cloud-based product that ensures safe access to your applications. This means no more client VPNs, cloud proxies, or different security solutions to install.

To enable workforce mobility and digital business transformation, SASE provides safe and rapid connectivity to the Internet, SaaS applications, cloud apps, and private data center resources.

SASE implementation tools

Everything will go more smoothly if you have the necessary tools in place for your SASE system. The following are some of the most important tools to consider.

SD-WAN

Both SASE and SD-WAN are technologies for building a corporate WAN that links remote users and branch offices to the company network, cloud services, and the Internet. SD-WAN boosts speed and agility by prioritizing application-aware, dynamic traffic routing for mission-critical applications.

SASE has taken SD-WAN’s hybrid transport choices and seamlessly merged them with a cloud-based solution to connect and secure any network edge. SD-WAN is a component of SASE in this case. Thus, it’s not a choice between the two.

Cloud security stack

The increased popularity of SaaS, PaaS, and IaaS solutions among company executives has permitted the movement to remote work. While moving to the cloud may speed up corporate operations, it also exposes critical data and enterprise networks to malicious actors.

Teams can handle all of the cloud functions through a single, simple interface with a cloud security stack tailored for a SASE solution. Here, security teams may build and apply policies that safeguard users at the cloud edge, where the majority of their actions take place.

ZTNA

Zero-trust network access (ZTNA) and SASE are two technologies that are gaining traction as companies strive to better protect their increasingly distributed remote workforces against cyberattacks. ZTNA’s primary operational premise is that no user or device should be allowed access to resources purely based on their network location. 

A zero-trust network security method reduces network requirements while also allowing for easy adaptation to today’s technological environment. ZTNA is part of an entire SASE architecture. A zero-trust approach to security is both required and enabled by transitioning to a SASE architecture.

Which SASE solution is best for me?

Now that we’ve come all the way here, you might be wondering which SASE solution to choose. Your present architecture and trigger points and your IT department’s size will determine the answer to this question. You can consider taking a look at the major SASE providers and seeing what they offer.

SASE is absolutely worth exploring as a method of securing the future of your organization and integrating both networking and security together with easy, cost-effective administration. Even if it isn’t on your radar right now. 

Image credit Pixabay: Pexels

The post How To Implement SASE For Your Business appeared first on FinTech Ranking.

In conjunction with its “Plaid Forum” event, the startup today unveiled a number of “product enhancements and new initiatives,” which include moving into identity and income verification, fraud prevention and providing new tools for account funding and disbursements.

Read more: TechCrunch

The post Plaid expands into identity and income verification, fraud prevention and account funding appeared first on FinTech Ranking.

This is where biometric technology comes in handy. Why? Keep reading to find out! 

A widely used technology

Biometric technology is often used in security. By taking into account the biometric data and retrieving it from a physical user, you can authenticate entities and cross-match their details against particular devices. Businesses want to secure an area or a digital asset from unauthorized personnel, and one of the ways to achieve this goal is to implement a biometric authentication system. Fast-forwarding to today, biometric devices that use fingerprints, retinal scans, or voice recognition are implemented in cars as a smart way to start the vehicle. 

The widely used technology is also used to protect documents. Biometrics can be found in e-passports that have a chip containing iris or fingerprint data. This advanced mechanism prevents unauthorized data readers and ensures that the data is safe. The technology doesn’t stop here. For instance, Halifax, a British bank, uses devices to monitor heartbeat and verify clients’ identities. 

Types of biometrics 

You can say that biometrics are biological measurements that are based on biological measurements, such as facial recognition, fingerprints, or retina scanning. All this data can be used for human identification. In theory, some researchers state that even body odors or the way somebody walks can be treated as identifiers. 

Biometric data is sectioned into three categories: Biological, Morphological, and Behavioral biometrics. The first group of Biological biometrics uses genetic traits involving such features as blood and other DNA. The Morphological sector uses the structure of your body. It can be a physical feature, for example, fingerprints or the shape of one’s face. The last category, Behavioral biometrics, analyze patterns and human behavior; how one speaks or walks, for instance. Once this data is gathered, it’s used for security purposes. 

Not a new concept

Even though automated identification based on personal characteristics and unique physiological features is a fairly new thing, certain types of biometrics have been with us for a while. For example, the concept of fingerprints goes back to East Asia when thousands of years ago, potters used to place fingerprints on clay. Let’s also not forget the 19th century when criminologists started to use fingerprint biometrics to identify lawbreakers. 

The first use of automated biometric technology appeared in the 1970s. To this day, fingerprints are used for controlling physical access to buildings. It’s a smart, quick, and secure way to prevent unwanted clients and reduce the level of fraud. 

Biometric security in the digital age

According to Statista, the online identity verification market is going to double in size in the coming years, possibly reaching almost 50 billion dollars worldwide. An essential part of it, of course, is biometric technology. Many industries have been using biometrics as a form of security due to speedy and effective results. Thanks to computers and artificial intelligence (AI), such data is easily stored and can be used to authenticate and identify individuals, making sure that risky, unwanted entities lose access. 

The digital world and its risks

As much as we’d like, any technology isn’t completely foolproof; that’s why it’s important for businesses to use multi-layer authentication. The key point of biometrics is that this data is unique and can’t be hacked – in general, only you have access to your fingerprints. The same principle is valid when identifying your face. Taking a selfie during identity verification is significantly more secure than a standard password.

One thing’s clear, collecting and using data has its own vulnerabilities online:

1. Spoofing attacks

It’s a type of presentation attack with the goal of interfering with a biometric system. Fraudsters target biometric authentication mechanisms by impersonating another person via spoofing. Scammers use special techniques to replicate fingerprints. For instance, they choose clay to create a “gummy” finger and use its fake prints. Since people leave fingerprints on basically any surface they touch, such as mugs or door handles, it’s easy access for spoofers to gather and misuse this data. 

Non-live images or video photographs are used to spoof facial biometric algorithms. Hackers take victims’ pictures then use such details to make video clips and masks of certain facial features. This way, fraudsters create fake identities and get away with scamming biometric authentication systems.

Despite that, thanks to artificial intelligence and evolving technology, the new generation of identity verification using biometric technology is so advanced that it detects spoofing patterns. Of course, high transactions and huge sums of money are greater targets for criminals; therefore, most companies need to be extra careful and search for newer, more secure technological measures to combat spoofing. 

2. Storing biometrics 

Without proper security measures, storing any data becomes a risky task. Biometrics carry numerous personal details, including passwords and financial information. If compromised, unlike passwords, biometric data can be changed. That means in such a disastrous scenario, cybercriminals steal the biometric identity permanently. Attackers also target biometric systems to steal only parts of certain data so that they can modify and mix the newly generated identity with the imposter’s biometric features. 

3. Weak security systems

In general, traditional security systems aren’t specifically designed to ensure biometric data’s security. Companies that carry such data are exposed to additional risks. Since biometrics are a high-value asset, scammers view this data as a huge prize and a tool to continue their criminal behavior. To minimize these risks, businesses need to upgrade to trusted, sophisticated IT systems. Let’s not forget another important factor – the insider threat. Enterprises should prioritize choosing a trusted biometric system operator, as they have unlimited access to the vulnerable data. 

The final step to ensure protection 

Many banks, Crypto companies, or FinTech startups secure their businesses by implementing biometrics to authenticate users. A good example of an efficient, secure identity verification service is iDenfy which uses unique biometric technology and liveness detection. Its authentication algorithms detect any spoofing attempts by gathering biometric samples; this way, determining if the user is a real human being or a fake representation trying to get past the identity verification. It takes 15 seconds for the customers to complete the AI-powered identity verification that protects them from fraudulent accounts, data breaches, and phishing attacks. 

Conclusion

Only multi-layer biometric identity verification systems offer maximized security. Criminals are getting smarter – they try to find new ways to fake their identities via spoofing, or changing certain features, such as growing out facial hair, wearing makeup, and prosthetics. This leaves businesses needing enhanced security solutions and proper risk assessment with dentity verification. 

The post Biometric technology: assessing the risks appeared first on FinTech Ranking.

This shift to digital payments and the sheer volume of daily transactions has created huge opportunities for fraudsters. Cash on Delivery payments declined dramatically during the pandemic, dropping 75 percent in favor of contactless cards and e-wallets, the use of which almost doubled during the same time. At least 40 percent of customers say they won’t revert to paying for goods and services in cash, although many have experienced phishing and credit card fraud, or received counterfeit goods.

Phishing

Phishing scams are becoming increasingly difficult to identify as fraudsters have improved their ability to replicate banking and business communications to customers. The way the scam works is usually via email, with the aim of convincing the recipient to click on a link or open a file that will install malware on the user’s device. The end goal is to obtain the passwords, personal data, and banking information of the person duped. 

Following one golden rule will protect you from phishing scams: never open a file or click on a link that you are unsure of. If you need to verify the contents of an email is legitimate, contact the sender to confirm before you expose yourself to risk. You also might be able to identify a phishing scam by checking the email ID of the sender. If it doesn’t have a legitimate domain name attached, move it straight to your deleted items. 

Credit Card Fraud

Although the UAE was ranked the second safest nation in the world in 2021, credit card fraud does still occur. The good news is, there are more than a few ways to protect yourself against it. First of all, keep an eye on your statements and always keep a lookout for small amounts being spent. These might be test transactions being carried out before the fraudster makes a big purchase in your name.  

Sign your credit card the minute you receive it, and memorize your PIN. Keeping it written down and in a safe place might seem like a sensible idea, but it’s one more way for someone to gain access to your finances. 

Most banks in UAE will allow you to immediately block your card via the bank’s app or internet banking on a PC. Knowing how to do this in advance will save precious time later if your card falls into the wrong hands.

Internet banking

Internet banking has revolutionized the way we spend, save and move our money, but there are certain precautions to take to ensure security. Never make banking transactions on a public WiFi network, and avoid sharing a PC when dealing with sensitive information. It’s also important to always log out of each session properly. 

The post How to Avoid Online Fraud in the UAE appeared first on FinTech Ranking.