Financial Crime World

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Common Types of Financial Fraud in the United Arab Emirates

The UAE has seen a surge in financial fraud cases in recent years, with cybercriminals using various tactics to deceive unsuspecting victims. From SIM swapping and vishing to phishing and lottery scams, these schemes can have devastating consequences for individuals and businesses alike.

Types of Financial Frauds

SIM Swapping

One popular technique employed by fraudsters is SIM swapping. This involves tricking a mobile provider into switching the victim’s SIM card to the scammer’s possession, allowing them to intercept one-time passwords (OTPs) sent by banks and other financial institutions.

To avoid falling prey to this tactic:

  • Regularly check your statements
  • Be cautious when answering security questions

Vishing

Vishing, a combination of voice and phishing, is another common type of financial fraud in the UAE. Scammers pose as representatives from financial services providers, asking victims to reveal sensitive information over the phone or through pre-recorded messages.

To stay safe:

  • Never respond to warnings that require imminent action
  • Be judicious about sharing your contact number online

Phishing

Phishing, a relatively recent term, refers to the practice of sending emails purporting to be from reputable companies in order to induce individuals to reveal personal information. According to data and email security provider Mimecast, 94 per cent of UAE organisations experienced phishing attacks between May 2018 and 2019.

To avoid falling victim to phishing:

  • Enable spam filters on your email accounts
  • Review account and card activity regularly

Lottery Scams

Lottery scams, which involve fake lotteries or prize notifications, are also common in the UAE. These schemes often require victims to divulge sensitive information or pay a fee to “unlock” their prize.

To avoid falling prey to these scams:

  • Never divulge sensitive information over the phone, email, text, or WhatsApp
  • Always verify claims through official channels

Protecting Yourself from Financial Fraud

To protect yourself from financial fraud in the UAE, take the following precautions:

  • Contact your telecom operator in case of network outages
  • Register complaints if you confirm no outage or receive notification of a new SIM card being issued
  • Check statements regularly
  • Never reveal answers to security questions
  • Be judicious about sharing contact numbers online
  • Not respond to warnings that require imminent action on your part
  • Enable spam filters on email accounts
  • Review account and card activity regularly
  • Avoid downloading or giving permissions to unknown apps

By being aware of these common types of financial fraud in the UAE and taking necessary precautions, individuals can protect themselves from falling victim to these schemes.