UAE Cybersecurity Warns of Cryptocurrency and Digital Assets Fraud

The UAE Cybersecurity Council has issued a warning about the dangers of fraud in cryptocurrencies, as it poses a cross-border threat that requires vigilance from users.

Dr. Mohammed Hamad Al Kuwaiti, the Chairman of the Cybersecurity Council, emphasized the need for awareness among users due to the transnational threat posed by fraud in cryptocurrencies.

He added that the risks of these fraudulent activities extend beyond financial loss, jeopardizing personal privacy and undermining the fundamental trust upon which the cryptocurrency market relies. Recent data and studies have shed light on these risks and the regulatory measures taken amidst growing concerns about digital currency fraud and its consequences.

Moreover, he explained that efforts continue to strengthen the foundations of cybersecurity to mitigate these risks and protect the modern financial system from digital threats, urging cryptocurrency investors to exercise caution, particularly towards exaggerated offers that raise suspicion.

He highlighted common fraudulent methods, such as phishing through fake emails or text messages aimed at deceiving users into entering sensitive personal or financial information, as well as the theft of cryptocurrency wallets through app breaches, websites, or social engineering.

He also pointed out scams promising guaranteed profits through cryptocurrency operations, which, in reality, result in the theft of funds. Emphasizing the importance of adopting secure practices.

Furthermore, he outlined measures that individuals and companies can take to protect themselves from cryptocurrency fraud.

These include being cautious of offers that seem too good to be true, using strong passwords for each account, enabling two-factor authentication, being aware of common fraudulent methods, and verifying the legitimacy of any platform or company before investing.

Data from CoinPedia and PYMNTS networks indicate that approximately $2.38 billion was stolen over 11 months until November 2023, posing a significant threat to the security of digital assets, with Ethereum being the most targeted network in the cryptocurrency field, accounting for nearly 38% of total cyberattacks.

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