A study by the UAE Banks and UAE Cybersecurity Council and Trends Research found 56% of UAE residents face at least one fraud attempt monthly.
As digital payments in the UAE surge toward $80.37 billion by 2025, banking authorities warn about increasing fraud risks, especially during festive seasons.
To address this concern, the UAE Banks Federation (UBF) urges consumers to stay vigilant. While banks enhance security, fraudsters continue to evolve their tactics. Customer awareness remains the first line of defense.
Fraud Risks Increase as Digital Transactions Expand
Recent data shows 65% of UAE residents feel confident spotting fraud, yet scams remain a major threat. Credit cards and bank transfers are top targets, highlighting the need for better financial literacy.
According to Statista, the UAE’s digital payments market is projected to hit $80.37 billion in 2025. Over the next four years, it is expected to grow at 13.81% annually, reaching $134.84 billion by 2029. This rapid expansion comes from e-commerce growth, mobile wallets, and contactless payments.
UBF Strengthens Efforts to Prevent Fraud
To combat financial crime, UBF has expanded its National Fraud Awareness Campaign, launched in 2020. This initiative educates consumers on fraud risks and helps them protect their money.
While digital payments offer convenience, they also create new opportunities for cybercriminals. Experts warn that the rise of fintech startups, digital wallets, and blockchain technology demands stronger security measures.
Several factors drive the digital payment market’s expansion, including:
– Faster transactions, attracting younger consumers
– Business digitization, increasing demand for seamless payments
– E-commerce growth, requiring secure cross-border transactions
– Covid-19’s impact, accelerating the shift to contactless payments
Urgent Call for Vigilance as Festive Season Nears
With festive celebrations approaching, consumers must stay alert. Cybersecurity experts stress that as digital finance expands, fraud risks also rise.
The UBF remains committed to increasing awareness and ensuring a secure banking environment, aiming to protect residents from financial fraud.
