Credit and debit card fraud in the Emirates costing $54 million a year
Credit and debit card fraud is predicted to cost the UAE banking industry $54 million in 2009 - a rise of 20 percent over last year, it was reported on Tuesday.
The rise was largely due to the ongoing economic crisis, Asanka Amarasekara, national head of fraud control and authorisation at Dunia Finance in Abu Dhabi, said.
In comments published by Emirates Business, Amarasekara said: "As far as the UAE is concerned, we've been observing a year-on-year loss of $45m and due to the crisis, it is expected to increase by 20 percent. This is what is estimated."