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Financial fraud has increased more than ever before due to the multiple traditional and electronic channels of banks, and the development of technical means by which we obtain financial products and services. The methods of financial fraud develop over time and take different forms. However, their goal is always to deceive individuals, steal their bank accounts/cards, loot their money and savings and may even drag them into money laundering and terrorist financing.
Many of us may be victims of financial fraud due to the lack of knowledge of the methods of fraud, and the protection methods that prevent exposure. We will here review the most common fraud ways and how to protect your money from them. Remember that financial fraud is a process that begins with a response from your side.
The most common fraud methods
Suspicious sources claiming to be official financial entities contact your mobile phone or send you an SMS or an e-mail asking you to disclose your credit card or bank account details under the pretext of updating your data, winning a prize, or having a problem with your bank account that requires taking an action.
Bank statements and credit cards are subject to steal due to the lack of security software on your computer when performing electronic transactions or using unreliable shopping sites upon purchasing.
Installing small cameras or readers on ATMs enables fraudsters to detect your card information.
Tips to protect your money from financial fraud
Do not respond to any phone calls or text messages asking you to disclose information about your bank accounts or credit cards.
It is important to know that UAE banks never update their clients' banking or personal data over the phone under any circumstances, and that the only means of updating data is through bank branches
Do not deal with unauthorized parties.
Do not use the same PIN code for more than one card.
Protect your computer and mobile by installing protective software to make your Internet experience safer.
Do not save the PIN code of your credit cards or the password of your bank accounts on your mobile or keep them in your wallet.
Make sure to use your hand to cover the number field when entering the PIN code in ATMs or POS.
Check your bank notifications and your credit card statement to review your financial transactions.
Report to the bank any fraudulent transactions immediately to take the needed actions.
Change your username and password of online banking services every now and then.
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