Abu Dhabi: Four men have been arrested for allegedly being involved in ATM machine fraud, Saudi police said.
The men, a Saudi and three illegal Yemeni residents in their 40s and 50s, allegedly defrauded unsuspecting labrourers of their money while they were making cash withdrawals from ATMs, said Lieutenant Colonel Hussain Al Qahtani, spokesperson for Medina police.
Offering to help the victims, the suspects allegedly replaced their cards after obtaining confidential data, then made cash withdrawals and purchases, Police seized in their possession 21 ATM cards. The value of the purchases carried out through the stolen cards was 48,500 riyals.
The suspects were referred to the Public Prosecution pending further investigation and trial, Lieutenant Colonel Al Qahtani said.
Cyber threats frustrate banks’ digital efforts
0 Comments
Get daily business news from the region delivered straight to your inbox
I agree to the terms and conditions
SIGN UP
How A10 Networks encryption, decryption technologies can help protect banks from attacks
April 4, 2021
The financial industry finds itself at a crossroads. On one hand, customer expectations demand that banks innovate digitally. On the other is a realisation that any new digital experiences will inevitably expand the threat footprint.
Mobile banking apps many banks have launched improve convenience and accessibility for customers. However, the apps also increase how cyber attackers can penetrate security systems to steal bank data, user information and money.
Dubai: Despite difficult operating conditions in most countries amid pandemic-driven economic downturns, demand for Islamic financing assets (lending) across the core Islamic markets will grow in 2021, according to rating Moody’s.
The rating agency said while the Islamic financing remained resilient in 2020 and it expects growth to continue into 2021. In the GCC mergers between Islamic and conventional banks, where surviving entities are Islamic banks, will drive further one-off increases in assets, as they did in 2019 and 2020.
Demand driven growth
Growth in Islamic financing assets remained steady in 2020, despite a marked slowdown in economic activity across core Islamic banking markets (which include the GCC, Malaysia, Indonesia and Turkey), and continued to outpace conventional asset growth. As a result, the market share of Islamic financing assets in core Islamic markets increased to 32.8 per cent of total financial assets (including conventional bank loans) in September 2
How fintech is on the brink of rapid expansion in the GCC gulfbusiness.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gulfbusiness.com Daily Mail and Mail on Sunday newspapers.