UAE’s Cybersecurity Council warns: 60% of financial attacks stem from stolen logins

The UAE Cyber Security Council has cautioned that financial data remains one of the most sought-after targets for cybercriminals, urging individuals and organizations to strengthen their defenses as digital threats become more sophisticated.

According to the council, nearly 60% of cyberattacks targeting financial systems begin with stolen login credentials, making compromised usernames and passwords a common entry point for fraud, identity theft, and unauthorized access to victims’ bank accounts and personal data.

According to WAM, the council stressed the need for more careful management of financial information online, pointing out that simple precautions can significantly reduce the risk of cybercrime. Users were advised not to store sensitive passwords on unsecured devices and were encouraged to regularly review privacy settings, remove untrusted applications, and keep operating systems and software current with the latest security patches.

The council also highlighted the importance of enabling two-factor authentication, calling it one of the strongest defenses against unauthorized access. “Every step taken to protect personal and financial data contributes directly to reducing the chances of falling victim to online fraud,” it said. It also warned that cybercriminals often obtain financial information indirectly, frequently by breaching email or social media accounts and then using those channels to access banking details.

In light of this, the council urged users to adopt safer digital practices, such as using secure payment methods, avoiding storing financial information on mobile phones or other personal devices, and regularly reviewing bank accounts for unusual activity.

The council also warned against interacting with fake ads or unverified online sources, mentioning that scammers are increasingly copying the branding and logos of banks and financial institutions to deceive users. People were advised to double-check messages and avoid clicking on suspicious links or sharing personal or financial information.

Using public or free Wi-Fi networks for banking transactions was strongly discouraged. The council also recommended creating strong, unique passwords for banking and related accounts, and enabling instant bank alerts to allow quick reporting and action if irregular transactions occur.