UAE’s cybercrime issue uncovered

In his role as risk officer for Visa in Central Europe, the Middle East, and Africa, Charles Lobo leads the charge against cybercrime in the region.

This issue is escalating rapidly, with Lobo predicting it will reach the scale of the world’s third-largest economy in GDP terms by 2025—approximately $10 trillion. This will have significant repercussions for businesses, governments, and economies alike.

The UAE is particularly at risk. Visa’s Stay Secure study, which surveyed 5,800 adults, found that 49 percent of respondents had been victims of a cyber scam in the emirates.

Attacks are increasingly advanced, and Lobo points out that the rise of generative AI is making them even more challenging to counter.

In response, Visa has committed over $12 billion to fraud prevention efforts in the last five years. They also foresee the possibility of mandatory reimbursement programs being implemented in the GCC to enhance consumer protection.

Watch the video above to hear Charles Lobo’s perspectives on the global cybercrime landscape and the initiatives underway to tackle this pressing issue.