27pc of digital payment service users ‘lost money’

SEVENTY-THREE per cent of users of digital payment services in Bahrain faced a cyber threat while 27pc lost money due to a cyber attack, according to a new survey.

The number of people using online banking and mobile wallet services surged during the Covid-19 pandemic but it also deepened concerns about potential cyber security risks for consumers and businesses.

A lot of cyber attacks feature phishing in which people are contacted by email, telephone or text message by someone posing as a legitimate institution to lure individuals into providing sensitive data such as personally identifiable information, banking and credit card details, and passwords.

The information is then used to access important accounts and can result in identity theft and financial loss.

Of the people who fell victim to the phishing scams, 73pc lost up to $1,000 while 5pc lost more than $1,000, said a report by cybersecurity and anti-virus provider Kaspersky.

In addition, more than 1.8 million financial threats were blocked in the Middle East – 111,065 of them in Bahrain – by the Kaspersky Security Network.

However, the survey, released yesterday, did not give a time frame for these incidents.

“These attacks were aimed at stealing financial information such as credit card numbers and login credentials and usually rely on social engineering tactics to lure victims,” said the study conducted by research agency Toluna across the Middle East, Türkiye, South Africa, and Nigeria.

A total of 2,004 respondents were surveyed in these countries.

The impact of a cyber threat targeting digital payments not only imposed a financial burden on consumers, but also affected them psychologically, said the survey.

“For example, 73pc of respondents (from Bahrain) said that they lost sleep and were very anxious to get their money back; 61pc lost trust in digital payment providers; 61pc became more vigilant online, and 77pc installed security solutions on their infected devices.”

The Russian firm urged people not to share their password, PIN, personal information with anyone online or offline, avoid using the public WiFi to make online transactions and shop from official websites.

“Since the beginning of the pandemic, 73pc of users in Bahrain faced at least one incident when using digital payments,” said Kaspersky technical experts head Emad Haffar.

“That’s why it’s increasingly important to know how to interact securely with any emerging technologies, including online banking and mobile wallet services.

“All stakeholders such as the government, digital payment providers, users and even cybersecurity companies need to come together to create a sustainable and secure payment ecosystem.”

Source: https://fccib.net/typo3/index.php?route=%2Fmain&token=19b4b9e1dc77396015242c7054a20da3bb65ad7f