The digital age is well and truly here. One of the most defining aspects of the digital age is that customers can now manage just about their entire wealth online! Unfortunately, while online banking and shopping make spending money more convenient than ever before especially in the UAE as it has one of the largest percentage of expatriates in GCC, it also leaves people prone to online fraud.

If you’re not careful, you can run into an online fraud without even being able to identify what’s happening. No one wants to end up in a situation where their money is at risk, so here’s everything you need to know about online fraud and how you can save your bank account from it.

What is Online Fraud?

Online fraud is a form of cybercrime that involves the use of fraud or deception through the internet. It typically involves providing individuals with incorrect information to trick them out of their money, property, identity, and more.

Types of Online Fraud

Phishing

One of the most common and effective methods cybercriminals use to commit online fraud is phishing. Under this scam, the criminals will be posing as a genuine or reputable company while their main intention will be to scam you out of your bank details.

The phishing emails will typically contain a link that directs you to a fake website. On the page, the website will ask you to provide sensitive information like your card details, ID number, and other bank details!

Online Shopping Fraud

Another fraud that’s become increasingly common is online shopping fraud. Under this online fraud, cybercriminals will set up fake online stores to cheat unaware people out of their money. These websites typically display attractive products at unbelievably low prices.

However, after the consumer makes the purchase, they either receive a fake product or receive no delivery.

Identity Theft

Using ID theft, online fraudsters can use your personal information to apply for a personal loan or a credit card with a bank. The loan and card will be under your name, and you’ll be responsible for the repayment.

How To Save Your Bank Accounts From Online Fraud In UAE?

The best way to stay protected while you’re making transactions online is to always remain on your guard. Make sure that any attached file that you open from your emails is from a well-known source.

Avoid clicking on any link that leads you to some ridiculously tempting offer, no matter how legit it might seem. Everyone wants a vacation, but nobody’s here handing them out for free!

There is also plenty of antivirus software available online that serves as an all-in-one platform. They contain all the applications that you might need to stay secure online.

Another very effective feature that can help protect your online bank account is the multi-factor authentication that offers by many banks in UAE like FAB for their accounts. With multi-factor authentication, your bank account will ask you to verify any transaction that you make on multiple platforms.

Conclusions

Online frauds are becoming more common, but with better knowledge, you can improve at identifying and avoiding frauds. However, even though online shopping and banking transactions have become more accessible than ever before, it doesn’t mean that you drop your guard.