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UAE Residents on High Alert as Eight Common Types of Financial Fraud Come Under Spotlight
The UAE’s ongoing fight against financial crime has taken a significant leap forward with the launch of a national awareness campaign aimed at educating consumers about the most common cybercrime and fraud techniques in the country.
Common Types of Financial Scams Targeting UAE Residents
As part of this initiative, leading authorities have identified eight types of financial scams that have been targeting residents, leaving them vulnerable to losing their hard-earned savings. These include:
- Email phishing
- Lottery scams
- ATM fraud
- SIM swaps
- Magic ink
- Fund transfer
- Phone fraud
- Data privacy breaches
Email Phishing: A Scam That’s Hard to Ignore
One of the most common types of financial fraud in the UAE is email phishing, where scammers send emails that appear to be from reputable sources, such as banks or government institutions. These emails often contain alarming messages, such as “your account has been frozen” or “you’ve won a cash prize.” The goal is to trick victims into divulging sensitive information, such as passwords or financial details.
Lottery Scams: A Game of Chance
Another type of scam that’s gaining momentum in the UAE is lottery scams. These often take the form of images sent via WhatsApp, featuring large logos of reputable retailers and messages claiming that the recipient has won a cash prize. The message will then direct victims to contact a mobile number and share personal finance details.
ATM Fraud: A Scam That’s Hard to Spot
Thieves are also employing various tactics at ATMs to steal sensitive information. These include attaching devices on top of card slots, recording PINs using tiny cameras or false keypads, and even installing malware that captures keystrokes.
SIM Swap Scams: A Threat to Mobile Security
Another type of scam that’s gaining traction in the UAE is SIM swap scams. These involve scammers convincing victims to switch their mobile numbers to a new SIM card, which they can then use to access sensitive information.
Magic Ink: A Scam That Requires Personal Touch
In this type of scam, fraudsters invite victims out for coffee and present them with pre-filled forms and paperwork for a new credit card or personal loan. The writing on the cheque is no ordinary ink – it vanishes once the paper is heated to a particular temperature.
Fund Transfer Scams: A Threat to Businesses
In a bustling trading hub like the UAE, businesses are often targeted by fund transfer scams. These involve scammers sending emails that appear to be from suppliers or clients, requesting payments to new bank accounts or numbers.
Phone Fraud: A Scam That’s Hard to Ignore
Also known as voice phishing or vishing, phone fraud involves scammers calling victims and asking for personal information under the guise of security questions. They may claim that an Emirates ID or debit/credit card has been temporarily blocked.
Data Privacy Breaches: A Threat to Personal Security
A breach of personal information such as Emirates ID numbers, passport details, mother’s birthday, or maiden name, and sensitive data like debit/credit card numbers, ATM PINs, or bank account details is a major threat to residents in the UAE.
Staying Safe from Financial Scams
To stay safe from these scams, authorities have issued the following tips:
- Be cautious when receiving unsolicited emails or messages
- Never share sensitive information over the phone or via email
- Verify the authenticity of forms and paperwork before signing
- Use strong passwords and change them regularly
- Avoid using public Wi-Fi for accessing digital banking or other sensitive data
- Use antivirus software on your PC
- Ensure your phone has the latest security updates