The world's digital economy keeps growing. From your credit-card spree at the mall to the "interbank offered rates" that keep global banks liquid, transactions are becoming steadily faster and easier, thanks to computers. Everyone benefits.
Unfortunately, however, "everyone" includes criminals. Inventing new cybercrimes with frightening speed, they too are reaping the benefits of information technology. In the hectic "arms race" to protect the vast currents of digital wealth, unpleasant surprises do happen, as RAKBank and BankMuscat can testify.
Last week we learnt that in December and February the two were hit by a sophisticated worldwide scam that cost them $45 million (Dh165 mn). Crooks hacked into the computers of banks or payment-processing firms, stole account numbers and personal identification numbers (PINs) for existing prepaid debit cards, removed withdrawal limits on the cards, and sent the numbers to accomplices worldwide, who created fake "clone" cards and withdrew cash in 26 countries, simultaneously.
Seven people have been arrested, but their fleeting success will inspire others. This was a well-planned high-tech global crime; the days when bank robbers used dynamite or masks now seem quaintly antiquated.
In high finance, $45 million is sofa-cushion change, but the next raid could well be worse. So banks everywhere, along with credit-card companies and payment processors, are all scrambling to improve security.
In the UAE, there is already a clamour, as The National reported yesterday, for a quick move to chip-and-pin credit and debit cards.
With them, a criminal must clone the embedded computer chip, a bigger job than copying the old-style magnetic strip. Chip-and-pin technology is almost a decade old in Europe but lags in the US - and in this region. Unfortunately local banks postponed introducing the system at the end of 2012. Speedy conversion now seems only prudent.
Also, banks and payment processors alike must be ceaselessly vigilant. One useful step would be conversion to modern automatic teller machines with biosensing capabilities. The ability to measure a user's voice or fingerprint would have made this kind of caper impossible.
As a Visa official told The National, there is also a need for real-time monitoring software to detect unusual developments that may be fraudulent.
RAKBank and BankMuscat say their customers are shielded from loss, but the banks and processing companies may face a long squabble over who should pay. That too will stimulate all the legitimate players to toughen up controls.
The arms race continues.
Company%20Profile
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COMPANY%20PROFILE%20
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
COMPANY%20PROFILE
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Afghanistan fixtures
- v Australia, today
- v Sri Lanka, Tuesday
- v New Zealand, Saturday,
- v South Africa, June 15
- v England, June 18
- v India, June 22
- v Bangladesh, June 24
- v Pakistan, June 29
- v West Indies, July 4
Grand slam winners since July 2003
Who has won major titles since Wimbledon 2003 when Roger Federer won his first grand slam
Roger Federer 19 (8 Wimbledon, 5 Australian Open, 5 US Open, 1 French Open)
Rafael Nadal 16 (10 French Open, 3 US Open, 2 Wimbledon, 1 Australian Open)
Novak Djokovic 12 (6 Australian Open, 3 Wimbledon, 2 US Open, 1 French Open)
Andy Murray 3 (2 Wimbledon, 1 US Open)
Stan Wawrinka 3 (1 Australian Open, 1 French Open, 1 US Open)
Andy Roddick 1 (1 US Open)
Gaston Gaudio 1 (1 French Open)
Marat Safin 1 (1 Australian Open)
Juan Martin del Potro 1 (1 US Open)
Marin Cilic 1 (1 US Open)
Company%20profile
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The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
COMPANY%20PROFILE
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Bugatti Chiron Super Sport - the specs:
Engine: 8.0-litre quad-turbo W16
Transmission: 7-speed DSG auto
Power: 1,600hp
Torque: 1,600Nm
0-100kph in 2.4seconds
0-200kph in 5.8 seconds
0-300kph in 12.1 seconds
Top speed: 440kph
Price: Dh13,200,000
Bugatti Chiron Pur Sport - the specs:
Engine: 8.0-litre quad-turbo W16
Transmission: 7-speed DSG auto
Power: 1,500hp
Torque: 1,600Nm
0-100kph in 2.3 seconds
0-200kph in 5.5 seconds
0-300kph in 11.8 seconds
Top speed: 350kph
Price: Dh13,600,000
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Fixtures
Friday Leganes v Alaves, 10.15pm; Valencia v Las Palmas, 12.15am
Saturday Celta Vigo v Real Sociedad, 8.15pm; Girona v Atletico Madrid, 10.15pm; Sevilla v Espanyol, 12.15am
Sunday Athletic Bilbao v Getafe, 8.15am; Barcelona v Real Betis, 10.15pm; Deportivo v Real Madrid, 12.15am
Monday Levante v Villarreal, 10.15pm; Malaga v Eibar, midnight
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
FIVE%20TRENDS%20THAT%20WILL%20SHAPE%20UAE%20BANKING
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Hotel Data Cloud profile
Date started: June 2016
Founders: Gregor Amon and Kevin Czok
Based: Dubai
Sector: Travel Tech
Size: 10 employees
Funding: $350,000 (Dh1.3 million)
Investors: five angel investors (undisclosed except for Amar Shubar)
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5