Banking Fraud Awareness khaleej times
|
A DV E RTISI N G S U P P LEMEN T
Beware of ‘phishy’ numbers While economies are dwindling, fraudsters are taking advantage of ‘insecure’ people ■■ Staff Reporter
A
s digital solutions disrupt the banking industry, fraudsters have become increasingly sophisticated resulting in a surge in the number of cases of fraud worldwide. Unfortunately, the UAE is no exception to this trend. In 2018, there was a year-on-year increase of 18.2 per cent in fraud cases. These numbers increased again in 2019. As Covid-19 continues to spread across the globe, top-down measures are imposed to slow down its effects and minimise potential damages. Countries across the globe are taking diversified approaches to fighting against the virus spread. When these measures are combined with the longawaited recession, being hit by a financial crisis in the virus era is inevitable. While economies decline and employment rates drop drastically, cases of fraud are known to rise during recessions. Common scams are targeting victims via email, SMS, phone and social media, with fraudsters posing as genuine organisations including government entities, banks, and healthcare providers to trick victims into disclosing personal or financial information. To combat this, UAE Banks Federation (UBF), the Central Bank of the UAE (CBUAE), Abu Dhabi Police, and Dubai Police, this month, launched the UAE’s
45 SUPPORTING THE UAE ECONOMY FOR
YEARS
first national fraud awareness campaign. The joint initiative aims to educate and protect consumers from financial cybercrime and fraud, particularly in light of the increased use of digital banking services during the Covid-19 pandemic. The people are advised to remain vigilant while they stay at home and the national fraud awareness campaign will be rolled out across social and traditional media channels with the support of the UBF Fraud Prevention Committee and UBF’s 53 member banks. Under the theme #TogetherAgainstFraud, the content will include educational videos and articles that will raise awareness on how to identify scams and avoid them. And as part of the campaign’s efforts to help banks and authorities spot trends and further combat fraud, UBF has launched a micro-website where customers can report fraudulent activity. Abdulhamid Saeed, Governor of the Central Bank of the UAE, said: “As a nation, we continue our fight against Covid-19 and that includes combating fraud and cybersecurity risks in the banking and financial system. As digital banking transactions are witness-
ing a significant spike during this time, we at Central Bank of the UAE have been quick to deploy robust fraud prevention measures to protect consumers. Today’s announcement further validates this commitment.” The national fraud awareness campaign will run until the end of the year, focusing on different topics every month. These include SIM swap fraud, phishing, vishing, lottery scams, vanishing ink scams, card skimming, email redirection fraud and data privacy. As fraudsters look for opportunities to target consumers and as the public is engaged with the pandemic news, fraudsters are using different tactics to increase fraudulent activities on banking customers. While confirming that it never asks consumers about private information such as personal and bank account information, and warn consumers to be alert and aware of malicious Phone calls and WhatsApp messages claiming to be from CBUAE, The Central Bank of the UAE is also alerting the public to avoid responding to such calls, messages, and opening any hyperlink that may be attached, which may provide exposure to a malicious website and inform authorities immediately.
Banking Fraud Awareness
khaleej times
Do not click that link if you are not sure
United Arab Bank has a sophisticated security alert system in place to protect its customers and their assets. Ayman Al Qudsi, Chief Information Officer, explains the system ■■ Staff reporter In the last three months, there has been a 25 to 26 per cent rise in malicious activities online in the UAE to defraud customers of their money. Now this is not something that is unique to the emirates, but is largely the trend the world over as more and more of us are hunkering down at homes to avoid the Covid-19 infection. Our online world has become a bridge
to the real world as work from home, distance learning and online shopping become the new norm. Swindlers are taking advantage of this global health crisis and targeting people through phishing, scam e-mails, calls, text messages, etc. offering gifts and prizes, hoping our greed or casualness will get the better of us and give them access to money and data. The key to protection is customer awareness and robust security alert system by the bank, says Ayman Al Qudsi, Chief Information Officer, United Arab Bank (UAB). “UAB was one of the early adapters of technology to utilise tools for preventing phishing of websites and mobile applications. We monitor our brand and website 24/7 to ensure no scammers are running fake UAB website, or phishing with fraudulent links similar to our online and mobile applications.” Banking is evolving with the use of new-age technology. Digitalisation is becoming the norm. Yet, adapting to new technologies such as automation, applying artificial intelligence (AI), supporting Open API platform, running virtually, and being in the cloud all are initiatives and technologies that present their own challenges. In the midst of this, consumer data has become the new oil, which is highly sought by fraudsters. Banks can protect customers, and the UAB has been continually making its customers aware, not only through social media, but also via constant communication with customers through various channels of the ways in which they can be cheated online. “Awareness is the key. We can win this battle against fraudsters
Ayman Al Qudsi Chief Information Officer if people can see through online deceit and protect themselves. So, we at UAB are constantly reminding our customers of the importance of keeping your personal information safe. No bank representative will ever ask for your pin, password and other such sensitive information,” adds Al Qudsi.
UAE Banks Federation (UBF), Central Bank of the UAE (CBUAE), Abu Dhabi Police and Dubai Police together, too, have recently launched a national campaign to educate people on the various scams taking place through emails, phone calls, SMS, ATMs, etc. “First and the most important is to ensure you have a good antivirus software on your computer. Protect your WiFi, passwords and pins. Besides, the bank is also introducing automation with AI that challenges, veri fies and validates the data automatically with the main source (the authorities), eliminating chances of a lot of the fraudulent activities. No matter how smart fraudsters get, customers can always stay ahead of the game by simply being alert. “It is good to remember that if there is something that is too good to be true, it probably is,” notes Al Qudsi, reminding us that there are no free lunches and it is good to be skeptical sometimes. “It is important to choose the passwords carefully, and update them regularly. If you have more than one account, use different password for each account, and don’t share your passwords with anyone. Also, do not click on the links sent through emails, unless you are sure of the source. Do not share your personal account information with anyone, and keep your banking passwords safe.” UAB stands to protect its customers. It is incorporating the new technology into its fold and also guiding the customers on how to ensure its optimal use. We as consumers have to just stay in touch with the bank through its relevant channels and other correspondence to stay away from any fraud.
|
A DV E RT I S I NG SUPPLEME NT
Be smart, protect your money from fraud ◗◗ Stay alert to the fact that scams exist ◗◗ If a message or e-mail from a friend seems unusual or out of character, contact your friend directly to check the authenticity of the e-mail ◗◗ Do not open suspicious texts or click on links, attachments in e-mails – delete them ◗◗ Don’t respond to phone calls asking for remote access to your computer ◗◗ Beware of calls from scamsters asking you to turn on your computer to fix a problem or install a free upgrade, which is actually a virus which could give them access to your passwords and personal details ◗◗ Keep your personal details, passwords and pin numbers in a safe place ◗◗ Limit your personal information on social media sites. Scammers can use your information and pictures to create a fake identity or target you with a scam ◗◗ Keep your mobile devices and computers secure. Always use password protection and update security software and back up content ◗◗ Protect your WiFi network with a password and avoid using public computers or WiFi hotspots to access online banking or provide personal information ◗◗ Never send money or give credit card details, online account details or copies of personal documents to anyone you don’t know or trust
STAY SAFE
Keep your Banking Details SAFE TOO
The recent COVID-19 outbreak increased the risk of falling victim to Fraud Be more VIGILANT, never disclose your personal and financial information Be CAREFUL from Phishing emails Exercise CAUTION on all your online purchases BEWARE OF OFFERS that look too good to be true Always LOOK AT THE EMAIL ADDRESS and not the email name before clicking on any kind of attachment Official establishments will NEVER ask you to transfer money or move it to a safe account
Do not share your security details PASSWORD / PIN / OTP / CVV with anyone If you receive a suspicious call, email or SMS, report it immediately to 800474
@uabuae