Title: UAE Residents Warn of Telephone Banking Fraudsters: Losing Over $500,000 in Few Minutes

Harrowing Experiences of Telephone Banking Fraud Victims in UAE

Two UAE residents, a Latvian expat named OP and an Indian national named KK, have shared their stories about becoming victims of telephone banking fraudsters, warning others to be vigilant and prevent similar incidents.

Losses totaling over $500,000

• OP lost Dh200,000 ($54,458)
• KK lost Dh171,000 ($46,869)

Fraudsters pose as bank representatives

The fraudsters used a ploy to manipulate their victims into updating their KYC details, eventually emptying their bank accounts.

Victim 1: OP

• Assumed it was an insider job
• Convincingly impersonated KYC team member
• Convinced OP to log into banking app and update Emirates ID details
• Subsequently, lost access to accounts and fund

Fraudsters are more active as financial transactions move online

• Over 71 million attempted cyber-attacks in UAE in the first three quarters of 2021
• Only 39% identified and prevented phishing attempts

Victim 2: KK

• Convinced to share last few digits of IBAN
• Fraudsters gained control of bank accounts and transferred funds to unaffiliated beneficiaries

Impacted banks advise customers on preventing such scams

• Be cautious of unsolicited calls or messages
• Only share banking details with trusted sources
• Verify any requests or emails first by contacting the financial institution directly

Emirates NBD Warning

• Emirates NBD will never ask for account details over the phone or via email

Importance of education and awareness in preventing such scams

• OP: “I wish I had known more about the risks of sharing my banking details. It’s an unfortunate lesson learned the hard way.”
• KK: “Being cautious and aware of such potential risks is key to protecting oneself.”