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Khaleej Times
5 days ago
- Business
- Khaleej Times
UAE: No more OTPs? Here's how banks will fight scams
One-time passwords or OTPs are now outdated in the face of the dramatic rise in sophisticated banking frauds, a Dubai-based cybersecurity expert told Khaleej Times, following news that UAE banks will gradually stop sending one-time passwords (OTPs) via SMS and email for digital transactions starting July 25. Instead of OTPs, banks will shift to authentication via mobile banking apps, using in-app confirmation features. Cybersecurity expert Rayad Kamal Ayub praised UAE banks and regulators for 'adopting groundbreaking authentication technologies to secure transactions, safeguard customer identities, and provide frictionless user experiences". 'The Central Bank of the UAE has taken decisive steps since 2024, spurred by persistent calls from industry leaders and media like Khaleej Times, to overhaul traditional authentication methods — especially OTPs — which have proven vulnerable to modern hacking techniques,' he added. Rayad, who is also managing director of UAE-based Rayad Group, also shared emerging authentication technologies, and how each type encounters fraud risks and redefines customer trust in the UAE banking sector. 1. Passkeys & FIDO2 authentication 'The era of easily compromised passwords is drawing to a close', noted Rayad. Passkeys, built on the FIDO2 (Fast IDentity Online 2) standards, enable password-less authentication by leveraging cryptographic keys stored directly on a user's device. When combined with biometric sensors — like face ID, touch ID, or Android's equivalent — passkeys offer a seamless, one-touch login experience. Key features: - Passwordless, leveraging asymmetric cryptography for security - Biometric integration (facial recognition, fingerprints) for effortless access - Resistant to phishing attacks, SIM swaps, and credential stuffing that are frequently used by scammers Rayad said UAE banks are piloting passkey-based logins to replace or augment OTPs, drastically reducing the risk of interception or duplication. 'Because of this, customers benefit from smoother, faster access to services, while institutions see a drop in account takeover attempts. 2. Decentralised Identity (DID) Traditional identity systems often rely on central databases, making them lucrative targets for cybercriminals. Decentralised Identity (DID) puts control back in the hands of users through cryptographically verifiable credentials stored on personal devices or digital wallets. Key features: - User-controlled digital identity, minimising reliance on central authorities - Secure onboarding and KYC (Know Your Customer) processes without exposing data to a single point of failure - Backed by global initiatives such as the EU Digital Identity Wallet, which influence regulatory direction in the UAE Rayad noted DID not only enhances privacy but also boosts resistance to large-scale data breaches. Several banks and fintech startups abroad are exploring DID frameworks, enabling customers to share only necessary fragments of their identity for transactions or onboarding. 3. Behavioural biometrics This works unlike traditional biometrics that use fingerprint and facial recognition. Behavioural biometrics authenticate users based on how they interact with their devices — such as typing rhythm, swipe patterns, mouse movements, and device handling. This continuous, invisible layer of authentication operates in the background, constantly monitoring unusual behaviour. Key features: - Continuous authentication — no need for repeated logins - Detects subtle deviations from a user's normal behavior, flagging potential fraud instantly - Non-intrusive, preserving the seamless user experience Some banks are integrating behavioural biometrics into their mobile apps and online banking portals. Technology can detect when an account is being accessed by someone other than the legitimate user, even if the correct credentials are provided, offering an early warning against fraud, explained Rayad. 4. Post-quantum cryptography (PQC) Rapid advances in quantum computing threaten to render existing cryptographic algorithms obsolete. PQC proactively arms banks against this looming risk by employing new algorithms designed to withstand quantum attacks. Key features: - Uses quantum-resistant algorithms for data protection and authentication - Recommended by leading authorities such as NIST (National Institute of Standards and Technology) - Ensures future proofing of banking systems as quantum capabilities mature Forward-thinking UAE banks are beginning to test PQC solutions, especially for securing high-value transactions, internal communications, and sensitive customer data. Early adoption ensures readiness for the quantum era and demonstrates industry leadership in digital security. 5. Hardware authenticators There are physical security keys, such as YubiKeys, that provide an extra layer of defence by requiring users to possess a tangible device for authentication. Unlike SMS codes or app-based OTPs, hardware authenticators are immune to malware, phishing, and remote access threats. Key features: - Possession-based multi-factor authentication (MFA) - No reliance on mobile networks or internet connectivity for validation - Highly secure against malware-infected devices, phishing, and unauthorised remote access Rayad said wealthy individuals and corporate clients are adopting hardware authenticators to safeguard access to sensitive accounts. Some banks now offer security key support for executive and VIP accounts, acknowledging the growing sophistication of targeted attacks. 6. AI-powered deepfake detection As facial and voice authentication gain popularity, so do threats from deepfakes—artificially generated images, videos, or audio designed to impersonate legitimate users. AI-driven deepfake detection tools analyse nuanced characteristics, such as liveness, temperature, and micro-expressions, to distinguish between real and forged identities. Key features: - Liveness detection using AI to confirm presence of a real human - Infrared scanning and micro-expression analysis for enhanced accuracy - Protection against spoofing attacks targeting facial and voice biometrics banks are already implementing liveness tests and deepfake detection on their mobile apps and at ATMs. These measures ensure that innovative authentication methods remain robust against emerging threats and reassure customers about the safety of biometric logins. 7. Cloud-based identity platforms Managing authentication infrastructure in-house is costly and complex. Cloud-based identity platforms—often delivered as Identity-as-a-Service (IDaaS)—allow banks to deploy advanced authentication solutions that scale with demand while staying compliant with evolving regulations. Key features: - Centralised identity management for all digital channels - Scalable and cost-effective compared to traditional on-premises solutions Rayad observed some UAE banks are migrating to cloud identity platforms to streamline onboarding, authentication, and authorisation across mobile, web, and branch channels. This not only enhances security but also delivers a unified, frictionless customer experience. More secure digital banking future Rayad reiterated as fraudsters evolve, so must the technology that protects the financial ecosystem. By moving beyond vulnerable legacy systems like OTPs and embracing tools such as passkeys, decentralised identities, behavioural biometrics, post-quantum cryptography, hardware authenticators, AI-powered deepfake detection, and cloud-based identity platforms, UAE banks are building resilient defenses against fraud while unlocking seamless, user-friendly digital experiences. 'The UAE's commitment to innovation not only safeguards customers but also strengthens the country's reputation as a global leader in digital finance. The rapid pace of adoption today points toward a future where security, convenience, and privacy coexist — delivering banking experiences that are as secure as they are effortless,' he concluded.
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First Post
10-07-2025
- Business
- First Post
Visa for ₹23 lakh? Dubai-based firm apologises for false claims about UAE Golden Visa rules
Dubai-based Rayad Group has apologised for spreading false information about UAE Golden Visa rules, admitting there is no lifetime visa for a one-time ₹23.30 lakh payment. The firm retracted its claims after the UAE's identity authority rejected the reports and has now halted its visa advisory services. read more This is an AI generated image for representation. Dubai-based private firm Rayad Group has issued a formal apology and accepted full responsibility for spreading 'incorrect' information regarding new United Arab Emirates (UAE) Golden Visa rules. The company had falsely claimed that lifetime Golden Visas could be obtained for a one-time payment of approximately ₹23.30 lakh under simplified conditions. The apology came shortly after the UAE's Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) rejected the reports quoting Rayad Group. 'We apologise unreservedly for the public confusion caused by recent reports and commentary, and we take full responsibility for ensuring future communications are clear, accurate, and consistent with the UAE's stringent regulatory frameworks,' Rayad Group said in a statement quoted by news agency PTI. The firm also acknowledged that certain public comments made by its Managing Director were 'misplaced' and contributed to a misinterpretation of the firm's role and the nature of the initiative. STORY CONTINUES BELOW THIS AD The company clarified that 'no guaranteed visa, fixed-price programme, or lifetime UAE residency product currently exists' and that Rayad Group does not offer or support any such arrangement. In light of the controversy, it announced the discontinuation of its private advisory services for Golden Visas.
Mint
10-07-2025
- Business
- Mint
As UAE rejects ‘Golden Visas for ₹23.3L' claim, expert reminds ‘importance of due diligence'
As the UAE dismissed claims that it is offering lifetime Golden Visas for some nationalities for around ₹ 23.30 lakh, an immigration expert said, 'This is a stark reminder of the importance of due diligence in immigration matters'. The UAE's Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) on Wednesday dismissed reports that claimed that lifetime 'golden visas' for some nationalities could be obtained for all categories from outside the UAE via consulting or commercial entities under simplified conditions. On Thursday, Dubai-based Rayad group 'apologised' for the 'public confusion' over the purported nomination-based resident initiative, which included references to a 'fixed AED 100,000 fee' and a so-called 'lifetime visa' arrangement. 'We apologise unreservedly for the public confusion caused by recent reports and commentary, and we take full responsibility for ensuring future communications are clear, accurate, and consistent with the UAE's stringent regulatory frameworks,' the Rayad Group said in a statement. "These statements did not accurately reflect our intent, our scope of services, or the limitations of our authority in relation to the UAE Golden Visa programme. To reiterate with full clarity: no guaranteed visa, fixed-price programme, or lifetime UAE residency product currently exists, and the Rayad Group does not offer, support, participate in, or endorse any such arrangement. 'Due to the confusion caused, the Rayad Group is discontinuing private advisory services for Golden Visas,' it said. 'The recent false news surrounding the UAE Golden Visa is a stark reminder of the importance of due diligence in immigration matters,' Andri Boiko, Founder &CEO, Garant In, an international advisory firm of Citizenship and Residence Permit. He further advised, 'Aspiring applicants must remain vigilant, verify all information through official sources, and avoid the temptation of shortcuts that are too good to be true.'
Mint
10-07-2025
- Business
- Mint
As UAE rejects ‘Golden Visas for ₹23.3L' claim, expert reminds ‘importance of due diligence'
As the UAE dismissed claims that it is offering lifetime Golden Visas for some nationalities for around ₹ 23.30 lakh, immigration expert says 'this is a stark reminder of the importance of due diligence in immigration matters'. The UAE's Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) on Wednesay dismissed reports that claimed that lifetime "golden visas" for some nationalities could be obtained for all categories from outside the UAE via consulting or commercial entities under simplified conditions. On Thursday, Dubai-based Rayad group has "apologised" for the "public confusion" over the purported nomination-based resident initiative, including references to a 'fixed AED 100,000 fee' and a so-called 'lifetime visa' arrangement. "We apologise unreservedly for the public confusion caused by recent reports and commentary, and we take full responsibility for ensuring future communications are clear, accurate, and consistent with the UAE's stringent regulatory frameworks," the Rayad Group said in a statement "These statements did not accurately reflect our intent, our scope of services, or the limitations of our authority in relation to the UAE Golden Visa programme. To reiterate with full clarity: no guaranteed visa, fixed-price programme, or lifetime UAE residency product currently exists, and the Rayad Group does not offer, support, participate, or endorse any such arrangement. "Due to the confusion caused, the Rayad Group is discontinuing private advisory services for Golden Visas," it said. 'The recent false news surrounding the UAE Golden Visa is a stark reminder of the importance of due diligence in immigration matters,' Andri Boiko, Founder &CEO, Garant In, an international advisory firm of Citizenship and Residence Permit. He further advised, 'Aspiring applicants must remain vigilant, verify all information through official sources, and avoid the temptation of shortcuts that are too good to be true.' The Golden Visa is indeed a legitimate pathway for highly skilled professionals, investors, and other eligible categories, but it is not a commodity to be bought outright. Eligibility is determined by professional merit, contributions to the UAE economy, and a thorough vetting process—not by a simple fee payment, he concluded.
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Business Standard
10-07-2025
- Business
- Business Standard
UAE Golden Visa: Rayad Group apologises for false ₹23.3 lakh lifetime claim
A Dubai-based visa advisory company has publicly apologised for spreading false information that the United Arab Emirates (UAE) was offering a lifetime Golden Visa to Indians for around ₹23.30 lakh. Rayad Group, which had been cited in multiple media reports including one by PTI, issued a statement on Wednesday saying it took 'full responsibility' for the confusion caused by its earlier comments. It added that its communications had been 'incorrect' and would be more accurate in future. 'We apologise unreservedly for the public confusion caused by recent reports and commentary, and we take full responsibility for ensuring future communications are clear, accurate, and consistent with the UAE's stringent regulatory frameworks,' the company said in a statement to Khaleej Times. Rayad Group's managing director Rayad Kamal Ayub had earlier said that the scheme was a 'golden opportunity' for Indians. However, the company has now withdrawn from providing any private advisory services related to Golden Visas. ICP says no lifetime visa exists The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) dismissed the claims, saying the news had 'no legal basis'. It confirmed that no lifetime UAE residency product exists and that applications must be submitted only through official government channels. 'The Authority had recently observed news articles from a consultancy office based in another country, suggesting that lifetime Golden Visas could be obtained for all categories from outside the UAE via consulting or commercial entities under simplified conditions. These claims have no legal basis and were made without coordination with the relevant authorities in the UAE,' the ICP said in a public clarification. The authority warned that legal action would be taken against any party attempting to collect money under false pretences. It urged applicants to rely solely on official sources and not to share personal documents or make payments to unofficial entities. 'All Golden Visa applications are handled exclusively through official government channels within the UAE,' the statement said. PTI report based on Rayad's claims PTI had earlier reported that India and Bangladesh were part of the first phase of testing a new nomination-based Golden Visa and that Rayad Group had been chosen to facilitate the pilot in India. The report suggested that Indian nationals could obtain a Golden Visa by paying AED 100,000 (around ₹23.30 lakh). The Rayad Group clarified on Wednesday that the ₹23.30 lakh figure was their service fee, not a visa fee levied by the UAE government. 'No guaranteed visa, fixed-price programme, or lifetime UAE residency product currently exists, and the Rayad Group does not offer, support, participate, or endorse any such arrangement,' it said. The company added that 'certain public comments made by Rayad Group's Managing Director were misplaced and have contributed to the misinterpretation of our role and the nature of the initiative in question'. Immigration expert calls it a scam Speaking to Business Standard, immigration attorney Prashant Ajmera of Ajmera Law Group said the so-called scheme was 'fake, generated by those wanting to scam Indians'. 'Such entities target Indians because they understand that there's a market here for those who wish to live abroad, particularly in countries like the UAE,' he said. He also pointed out that the UAE does not offer citizenship to foreigners under any of its immigration schemes. 'Always check official government details and consult reputed immigration attorneys,' Ajmera advised.
