UAE consumers lost USD 1 bln to cybercrime in 2017

Wednesday 24 January 2018 10:20 CET | News

A total of 3.72 million UAE consumers lost approximately USD 1.05 billion to cybercrime in 2017, according to statistics from Norton by Symantec.

The report revealed that 52% of the UAE’s adult online population experienced cybercrime over the course of the year, with average losses of USD 182 each. According to the data, the largest average financial losses were due to credit card fraud (USD 1,051), falling for a technical support scam (USD 476), data breaches (USD 341) and compromised account passwords (USD 157).

Regarding passwords, 24% of cybercrime victims are more likely to use the same password across all their accounts, with 16% also likely to save passwords to a file on their device. The report noted that the UAE’s cybercrime victims each fit a similar profile: they are everyday consumers who express confidence in their abilities to secure themselves against cybercrime, and use multiple devices.

In consequence, cybercrimes will likely become more frequent as more and more people adopt ‘smart homes’ in which a wide range of items, ranging from appliances to cameras, are connected.

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Keywords: Symantec, Norton, research, data breach, compromised passwords, credit card fraud, cybercrime, UAE, technical support scam
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime

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