UAE Banks warns residents against "QR codes" frauds

Banks in the nation are warning their clients not to fall for these scams, as quick response code (QR) fraud cases around the world are increasing. The Federal Bureau of Investigation (FBI) released a warning statement regarding the matter in response to the increase in fraudulent activity.

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A Double-Edged Technology

While QR codes have proven to be a beneficial technology across various industries, they have now become a tool for phishing operations. Fraudsters exploit this technology by sending square QR codes through emails with the intent of pilfering banking data. Experts have coined the term "QRCode Phishing" to describe this new method, where perpetrators employ QR codes to deceive mobile phone users, similar to phishing schemes in emails, SMS, and other communication technologies.

Bank alerts and messages

Local banks have taken proactive measures, sending warning messages to customers and posting alerts and awareness materials on their websites. Customers are urged to exercise caution by verifying the QR code's URL before clicking, which can be achieved by hovering the mouse arrow over it. The banks emphasize the critical role of checking the sender's email address, especially when dealing with square QR codes from unreliable sources.

Ensuring secure transactions

When a QR code directs consumers to an online page that requests sensitive information, banks emphasize how important it is to proceed with the utmost caution. Consumers are cautioned to carefully examine emails with square QR codes, particularly if they come from dubious sources. Ensuring the legitimacy of the sender's email address is crucial to avoiding becoming a victim of scams.

Criminals' Goals and Methods

Banks emphasize that the primary incentive driving criminals to engage in fraudulent activities is financial gain. Through the utilization of viruses, deceptive websites, and forged emails, these individuals employ diverse internet-based methods to unlawfully acquire financial information and passwords from their targets. Employing viruses to display undesirable advertisements on clients' computers, dispatching deceptive offers to deceive customers, utilizing malicious emails (Spam), and infiltrating their systems to initiate attacks represent some of the various tactics employed by these perpetrators.

As the threat landscape evolves, staying vigilant and adopting secure practices while dealing with QR codes and online transactions remains imperative for customers to safeguard their financial information.

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