Business & Economy

Millions in losses due to electronic fraud in the UAE

Adyen, a global acquisition and payments company, published disturbing data stating that 35% of consumers around the world were exposed to electronic payment fraud while shopping online during the past year 2023, compared to 22% of what the percentage was during the year before 2022.

According to the data, the global retail sector has been exposed to significant financial losses amounting to billions of dollars due to electronic fraud and the development of its methods, which has led many to lose confidence in online purchases and prefer to purchase directly from traditional stores, and the percentage of these people, according to the survey, reached 22%.

Adyen data indicated that the retail sector in the United Arab Emirates alone recorded losses in the millions of dirhams, amounting to 11.3 million dirhams during the year 2023, in which the average loss for each individual exposed to electronic fraud while shopping online reached 3,250 UAE dirhams, which reflects an increase of 270% over the survey. the previous.

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