The Central Bank of the UAE (CBUAE) has imposed financial penalties amounting to Dh2.62 million on five banks and two insurance companies for failing to comply with international financial reporting standards.

The fines were issued due to violations of the Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Act (FATCA) guidelines, which require financial institutions to ensure accurate reporting and due diligence. Despite being given sufficient time to correct their processes, these institutions failed to meet the necessary compliance standards.

The CBUAE stated that these measures aim to strengthen the UAE’s financial sector by enhancing transparency and aligning with global efforts to prevent tax evasion. This step also reinforces the country’s reputation as a trusted international financial hub committed to best practices.

(Source: Wam)

The UAE’s national cybersecurity systems have successfully intercepted and neutralised cyberattacks targeting 634 government and private entities, preventing potential data leaks from critical sectors.

Dr Mohamed AlKuwaiti, Head of Cybersecurity for the UAE Government, revealed to the Emirates News Agency (WAM) that a hacker, identified as “rose87168,” claimed responsibility for breaching Oracle Cloud’s SSO and LDAP. This alleged attack compromised around six million customer records worldwide, exposing sensitive password data.

According to estimates, nearly 140,000 organisations across the globe may have been affected, including 634 in the UAE. Among them, 30 are government entities, 13 belong to the private sector, and the rest fall into other categories.

In response, the UAE Cybersecurity Council has activated emergency cybersystems nationwide, working closely with relevant authorities to bolster digital defences and shield the country from further threats.

Authorities are urging all government and private organisations to strengthen their cybersecurity measures, stay alert against emerging cyber threats, and immediately report any suspicious activity. With cyberattacks growing more sophisticated, experts emphasise the need for proactive security measures to safeguard digital assets in an increasingly interconnected world.

(Source: Wam)

Fraudsters are exploiting the spirit of Ramadan by luring UAE residents into fake social media competitions and bogus charity appeals, Abu Dhabi Police have warned.

The scams, which promise cash prizes or claim to support charitable causes, are designed to trick victims into handing over personal and banking details. In some cases, criminals convince people they have won a competition before demanding a “processing fee” or sensitive information to claim the reward.

Authorities say scammers are also setting up fake donation links, posing as legitimate charities to con well-meaning residents out of their money.

Major General Mohammed Suhail Al Rashidi, Director of the Criminal Security Sector at Abu Dhabi Police, has urged the public to remain vigilant, verify the authenticity of any competition or donation request, and never share confidential information online.

He added that anyone who suspects they have been targeted should report it immediately via the Abu Dhabi Police hotline on 800 2626, by SMS to 2828, or through www.aman.gov.ae.

(Source: Wam)