ABU DHABI // Almost a week since a rash of ATM frauds hit the UAE, banks still have no common strategy to deal with customers, while the Central Bank remains silent on how the industry should deal with the fallout.
Conflicting and unclear announcements by banks continue to confuse customers, raising concerns about the opacity of the country's financial institutions. While the stability of the banking system has never been in question throughout the week, the problems have nonetheless undermined public confidence in bank management.
Senior banking officials, who asked to remain anonymous, said they had not been instructed by the Central Bank on the issue. Several expressed concern over its unusual silence.
The Central Bank, which has issued no statements since the far-reaching effects of the fraud were reported, could not be reached for comment over the past week.
Paul Sherry, the Middle East director of F5 Networks, which specialises in bank security systems, said the situation could hamper the UAE's ambitions to become a global financial centre.
"If the UAE is to take itself seriously as a world-class financial hub, the ATM security breaches this week should serve as a wake-up call to both the banking community in the region as well as regulatory bodies," he said. "People seriously doubted the trust they had placed in their banks.
"It is up to officials and lawmakers now to use this breach as [an] impetus to put the UAE where it should be - at the very forefront of network security. They must enforce systemic changes to the way data is handled."
Confusion continues to reign among customers. Some banks have introduced lower withdrawal limits on ATM cards to stem illicit activity - but have apparently given little forewarning to customers.
Barclays halved withdrawal limits on Premier accounts on Wednesday to Dh25,000 (US$6,800), while those on its Classic current and savings accounts were halved to Dh5,000. Customers are not being formally notified. "We inform them when they call us," a Barclays employee said, "because this situation is not going to be for long."
HSBC has also lowered withdrawal limits but apparently issued little, if any, warning about changes to customers.
One bank customer who attempted to withdraw Dh8,000 from HSBC on Thursday discovered that his legal daily limit had been cut in half.
"This was a total surprise and very inconvenient," the man, who only identified himself as Taher, said. "This is bad communication from the bank - it's like they don't really care about the customer."
Adding to confusion, telephone operators at HSBC told callers yesterday that HSBC ATM cards could not be used at the ATMs of other banks, but HSBC officials said official policy was otherwise.
"HSBC customers continue to have access to the full ATM network in the UAE, although we urge our customers to use HSBC ATMs when they can," said Jonathan Campbell James, the Middle East head of security at HSBC. "Because our ATMs across our global network are protected to extremely high standards, our customers travelling abroad are also enjoying continued access to their money through the HSBC ATM network."
Hints of the fraud emerged on Aug 26 after the US Embassy posted warnings on its website. Then on Sept 9, numerous banks began sending text messages to customers imploring them to change their card PINs.
Despite affecting most, if not all, banks in the country, a number waited several days to begin issuing formal warnings to customers about the international fraud.
Some banks also warned of mass cancellations of cards if customers did not change PIN codes, leading to confusion and long queues. Others, including Citibank, began deactivating ATM and debit cards without providing formal warning to customers.
National Bank of Abu Dhabi and Dubai Bank have prohibited the use of their cards outside the country, which could seriously inconvenience travellers.
The fraud is believed to have occurred after a network that banks use to share card information was breached. The culprits were able to use sensitive customer information - including PINs and data from the magnetic strips of cards. Unlawful transactions have reportedly been made in at least 20 countries.
Although most banks have not disclosed the number of customers affected by the fraud, a seemingly large number of UAE residents have had thousands of dirhams charged to their cards, while some have had their accounts wiped out altogether.
hnaylor@thenational.ae
Company Profile
Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government
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Company name: Klipit
Started: 2022
Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant
Based: Dubai, UAE
Industry: Digital receipts, finance, blockchain
Funding: $4 million
Investors: Privately/self-funded
PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
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Investment: approximately $80 million
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Winner: Capezzano, Mickael Barzalona, Sandeep Jadhav
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Age 26
Born May 17, 1991
Height 1.80 metres
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Plays Right-handed
WTA titles 3
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Wins / losses 312 / 181
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Company Profile
Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
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About RuPay
A homegrown card payment scheme launched by the National Payments Corporation of India and backed by the Reserve Bank of India, the country’s central bank
RuPay process payments between banks and merchants for purchases made with credit or debit cards
It has grown rapidly in India and competes with global payment network firms like MasterCard and Visa.
In India, it can be used at ATMs, for online payments and variations of the card can be used to pay for bus, metro charges, road toll payments
The name blends two words rupee and payment
Some advantages of the network include lower processing fees and transaction costs
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Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside
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Starring: Nijmeh Hamdan, Kamal Kayouf, Sheikh Najib Alou
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Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others
UAE - India ties
The UAE is India’s third-largest trade partner after the US and China
Annual bilateral trade between India and the UAE has crossed US$ 60 billion
The UAE is the fourth-largest exporter of crude oil for India
Indians comprise the largest community with 3.3 million residents in the UAE
Indian Prime Minister Narendra Modi first visited the UAE in August 2015
His visit on August 23-24 will be the third in four years
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, visited India in February 2016
Sheikh Mohamed was the chief guest at India’s Republic Day celebrations in January 2017
Modi will visit Bahrain on August 24-25
Other simple ideas for sushi rice dishes
Cheat’s nigiri
This is easier to make than sushi rolls. With damp hands, form the cooled rice into small tablet shapes. Place slices of fresh, raw salmon, mackerel or trout (or smoked salmon) lightly touched with wasabi, then press, wasabi side-down, onto the rice. Serve with soy sauce and pickled ginger.
Easy omurice
This fusion dish combines Asian fried rice with a western omelette. To make, fry cooked and cooled sushi rice with chopped vegetables such as carrot and onion and lashings of sweet-tangy ketchup, then wrap in a soft egg omelette.
Deconstructed sushi salad platter
This makes a great, fuss-free sharing meal. Arrange sushi rice on a platter or board, then fill the space with all your favourite sushi ingredients (edamame beans, cooked prawns or tuna, tempura veggies, pickled ginger and chilli tofu), with a dressing or dipping sauce on the side.
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Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
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Jonathan Miller, Scribe Publications
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2. Stefan Kueng (Switzerland / BMC Racing) 17
3. Vasil Kiryienka (Belarus / Team Sky) 15
4. Tony Martin (Germany / Katusha) 13
5. Matteo Trentin (Italy / Quick-Step) 11
6. Chris Froome (Britain / Team Sky) 10
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