Only 9% of victims able to fully recover their losses
DUBAI, UNITED ARAB EMIRATES (Nov. 28, 2024) — According to a new report, more than 40,000 United Arab Emirates (UAE) residents fell victim to a scam last year, combining for millions of dollars in losses. The Global Anti-Scam Alliance (GASA) and BioCatch – the global leader in digital fraud detection and financial crime prevention powered by behavioral biometric intelligence – surveyed approximately 2,000 UAE citizens to assemble this report. Nearly 27% of respondents said they’d lost money to a scam (average sum: $2,194), almost 60% of victims requested reimbursement and received nothing, and just 9% of those who lost money were able to fully recover their losses.
“While both the UAE and Europe face serious fraud threats,” BioCatch Gulf Corporation Council Regional Manager Ali Godrej Patel said, “the nature of these threats differs across the regions. The UAE deals more frequently with direct social engineering attacks, including fake job offers and fraudulent investment schemes. In contrast, Europe sees more bank impersonation scams.”
The report also found scammers completed nearly half of all scams within the first 24 hours of contact, while more than 43% of survey respondents said they’d encountered more scams in the last year than they did in the prior one.
“The rise in digital fraud incidents highlights the need for advanced behavioral intelligence,” GASA Managing Director Jorij Abraham said. “As fraudsters adopt increasingly sophisticated tactics, it’s clear our defenses must also evolve to understand consumer behavior to protect them more effectively.”
Many of the scams UAE residents suffered involved AI, with half of those surveyed believing they’d encountered an AI-powered scam in the last 12 months.
“As the UAE’s digital economy continues to expand, fraud tactics are expected to become increasingly sophisticated and difficult to detect,” Patel said. “This evolving landscape underscores the importance of a proactive approach to fraud prevention, where behavior-based intelligence and anomaly detection play essential roles in financial institutions’ defense strategies.”
Other key report findings:
• Scams leave victims shaken: Nearly 60% of victims reported suffering a strong emotional impact from their losses, while 62% said they’d lost trust in the internet.
• Most scams delivered via instant messaging: WhatsApp is far and away the most popular scam-delivery platform in the UAE.
• Scams now a part of everyday life: More than half of respondents said they encountered a scam at least once a month.
• Consumers confident but still losing money: More than two-thirds of those surveyed said they felt very confident they could recognize a scam. And yet, more than 40,000 UAE residents lost combined millions of dollars to scams last year.
Click here to access GASA’s complete The State of Scams in the United Arab Emirates – 2024 report.
About BioCatch:
BioCatch stands at the forefront of digital fraud detection, pioneering behavioral intelligence grounded in advanced cognitive science and machine learning. BioCatch analyzes thousands of user interactions to support a digital banking environment where identity, trust, and ease coexist. Today, 34 of the world's largest 100 banks and 237 total financial institutions rely on BioCatch Connect™ to combat fraud, facilitate digital transformation, and grow customer relationships. BioCatch's Client Innovation Board – an industry-led initiative featuring American Express, Barclays, Citi Ventures, HSBC, and National Australia Bank – collaborates to pioneer creative and innovative ways to leverage customer relationships for fraud prevention. With more than a decade of data analysis, 93 registered patents, and unmatched expertise, BioCatch continues to lead innovation to address future challenges. For more information, please visit www.biocatch.com.
About GASA:
The Global Anti-Scam Alliance (GASA) is a non-profit organization dedicated to protecting worldwide consumers from scams. With more than 100 member organizations, GASA unites governments, law enforcement, consumer protection organizations, financial authorities & providers, brand protection agencies, social media, Internet service providers, and cybersecurity companies in a collaborative environment to share insights, research, and solutions to protect consumers from fraud and scams. Additional information can be found at www.gasa.org.
PR contacts:
Mac King
BioCatch senior comms manager
Sam Rogers
GASA marketing director
+31 (0) 645-130-670
