As we spend more time online on more platforms than ever before, scammers have found new ways to con us into parting with our money. This article explains what steps UAE residents can take if they are victims of bank fraud.
Emails about inheritances from princes and handouts from international organizations are history. New scams being reported in the UAE take several different forms. Email-based cons, referred to as phishing, remain a major concern, with genuine-looking emails asking for bank account numbers and access codes for a number of possible reasons. Alternatively, they may request confidential identity details or declare you as the winner of one of the many raffles run by UAE-based organizations. Similarly, residents may be telephoned by swindlers pretending to be bank officials and asked to divulge personal details. A different kind of fraud involves SMS or WhatsApp messages, where scammers purport to alert residents to frozen bank accounts or similar crises.
As an indication of advances in bank fraud in the UAE, many of these communications increasingly appear genuine. They may even feature banks’ logos or link to official-looking websites. UAE residents must therefore stay more alert than ever, making sure they only use personal devices and trusted websites, and avoiding clicking on any links. Find here a number of useful tips to avoid succumbing to financial fraud.
What to do if you’re a victim of bank fraud
Nevertheless, the all-pervasive nature and increasing frequency of bank fraud in the UAE means that anyone could be a victim at any time. Consequently, given its role as a financial hub, the UAE has several pre-established processes to protect bank account holders and investors. The following 5 steps explain how you can respond to bank fraud. In some cases, you may even get any stolen money back.