UAE's eight steps to avoid personal bank fraud

The UAE Banks Federation (UBF), which represents 48 banks in the UAE, has outlined a number of steps that residents can take to protect themselves against fraud.These tips were compiled as part of efforts by the UBF to raise banking security standards in the UAE and protect consumers from fraud and financial crime.This move is in response to an increase in incidents of financial fraud. Several reports have documented how consumers have fallen victim to lottery scams and other fraudulent schemes.According to the UBF’s Fraud Prevention Committee, residents are offered fictitious prizes that are used as a pretext for seeking confidential information, including credit card details.The UBF reiterated that your bank will never request any details via email or a phone call.The committee’s eight principle recommendations are:• Do not share your password• Do not share your bank account or credit card details to anyone on phone or email• Never disclose personal information in reply to an e-mail purporting to have been sent by your bank• If you receive a message regarding your password, which you have not requested, you should immediately report it to your bank• Make your personal details, including phone number and email address, are updated with your bank• Check your bank statements• Ensure that your personal devices are updated with latest anti-virus software• When using free Wi-Fi be mindful of how and when you use internet banking facilities.

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