It is vital to always verify the legitimacy of websites before entering sensitive data. PA Wire
It is vital to always verify the legitimacy of websites before entering sensitive data. PA Wire
It is vital to always verify the legitimacy of websites before entering sensitive data. PA Wire
It is vital to always verify the legitimacy of websites before entering sensitive data. PA Wire

How to protect yourself from payment fraud


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Banks in the UAE have been able to build advanced cyber security intelligence and fraud risk mitigation capabilities.

From enhancing IT infrastructure, implementing sophisticated security protocols and advanced threat detection systems, to adopting multi-factor authentication, banks have remained committed to safeguarding customer data and transactions. These advances have made it difficult for fraudsters to defraud a bank.

Consequently, fraudsters have pivoted from trying to attack a bank to employing innovative ways to defraud a host of unaware customers.

In today’s fast-paced digital economy, payment fraud has emerged as a significant threat to individuals. As more people turn to online banking, shopping and other financial services, fraudsters are using increasingly sophisticated methods to exploit vulnerabilities.

Recent reports show a dramatic rise in payment fraud incidents, with both consumers and businesses falling victim to scams that can result in financial loss, reputational damage and long-term consequences.

As of 2024, global payment fraud has become a significant concern, with trends showing a marked increase in losses and incidents. According to the latest McKinsey report on payments, global losses from payment card fraud are projected to reach $400 billion over the next 10 years.

The estimates are frightening and urgently call for a joint commitment between banks and customers to stand united and fight back together.

What is payment fraud?

Payment fraud encompasses a wide range of illegal activities involving the unauthorised transfer of funds. It can happen in various forms, including credit card fraud, phishing, social engineering – where a person's trust is exploited – and business email compromise.

Whatever the form of fraud, the basic concept is either for fraudsters to steal your card or account information and move funds by themselves or force or trick you to initiate such payments – ultimately emptying your pockets.

With evolved digital technologies, criminals have advanced as well. Earlier, theft of the card, making copy of the card at the time of payment or putting skimmers on ATMs and point-of-sale terminals were the limited means to steal your information.

  • The use of technology in everyday lives has led to growth in scams and fraud. Reem Mohammed / The National
    The use of technology in everyday lives has led to growth in scams and fraud. Reem Mohammed / The National
  • Phishing is one of the most common methods used by fraudsters and it involves sending an unsolicited email that appears to be from a financial institution or online retailer. The National
    Phishing is one of the most common methods used by fraudsters and it involves sending an unsolicited email that appears to be from a financial institution or online retailer. The National
  • Smishing — the SMS equivalent of phishing — is where fraudsters falsify the telephone number so it appears to be a genuine text from a bank or well-known company. Chris Whiteoak / The National
    Smishing — the SMS equivalent of phishing — is where fraudsters falsify the telephone number so it appears to be a genuine text from a bank or well-known company. Chris Whiteoak / The National
  • Vishing is the telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. Getty Images
    Vishing is the telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. Getty Images
  • SIM swap involves fraudsters duplicating the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank. AP
    SIM swap involves fraudsters duplicating the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank. AP
  • Identity theft is where someone illegally obtains your confidential information, through various ways such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks. Getty Images
    Identity theft is where someone illegally obtains your confidential information, through various ways such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks. Getty Images
  • Prize scams involve fraudsters claiming to represent well-known organisations. They contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
    Prize scams involve fraudsters claiming to represent well-known organisations. They contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
  • Instagram influencer Ramon Abbas, known as Hushpuppi, used a technique known as business email compromise.
    Instagram influencer Ramon Abbas, known as Hushpuppi, used a technique known as business email compromise.
  • The tax authority said some bank customers in the UAE have received phishing emails impersonating financial institutions. EPA
    The tax authority said some bank customers in the UAE have received phishing emails impersonating financial institutions. EPA
  • Jenny Ross, Which? Money editor, says: ‘Scammers are relentless when it comes to wanting our personal information and ultimately our money.’ PA
    Jenny Ross, Which? Money editor, says: ‘Scammers are relentless when it comes to wanting our personal information and ultimately our money.’ PA
  • Netflix's The Tinder Swindler tells the story of three women who say they were conned out of $500. Photo: @simon_leviev_official via Instagram
    Netflix's The Tinder Swindler tells the story of three women who say they were conned out of $500. Photo: @simon_leviev_official via Instagram

Today, the techniques are more sophisticated where the fraudsters manipulate you in a certain way to divulge your account information. Phishing, for example, is used to obtain sensitive information such as card numbers and log in credentials, often by email or social media or through fake log-in pages or payment portals.

Fraudsters can go to the extent of creating a replica page of a known service provider and embed a fake payment link or send an email requesting a payment with a fake link, or call and ask you to confirm the last few digits of your IBAN number.

“Quick money” is a concept that reflects certain human desires, such as seeking immediate financial gain or instant gratification. Fraudsters have taken advantage of this to trap people through multiple types of scams, including bogus investments, work-from-home schemes and fake prizes and sweepstakes – where too-good-to-be-true financial gains are promised.

How can it be tackled?

Whether bank or customer, we all have a responsibility to take steps to combat payment fraud. As banks, we must invest in state-of-the-art technology to mitigate risk and safeguard customer data. We must leverage innovation, such as data analytics and behavioural analytics tools, to monitor user behaviour, detect anomalies and identify unusual activities that may indicate fraud.

We must use real-time risk analysis to assess the risk associated with each transaction before authorising it.

We must ensure our customers are aware of the types and trends of frauds so that they can take steps to avoid falling victim to fraud. Fraudsters often rely on a lack of customer awareness to succeed.

To avoid becoming a victim of financial fraud, you can take the following steps:

- Secure your personal and financial information by strengthening your online security, using strong unique passwords for all online accounts. Use two-factor authentication wherever offered and update your software and systems whenever an update is released.

- Be sceptical of unsolicited offers by avoiding phone calls, emails or messages from unknown sources that claim you've won money or prizes or are eligible for special offers.

- Consistently monitor your financial statements and report any anomalies to your bank or financial institution immediately.

- Safeguard physical documents and shred anything not needed. Use your smartphone to make contactless payments wherever possible.

- Protecting your digital footprint is crucial. Some of the measures include securing your social media profiles and never sharing your personal information online, using secure networks and not accessing sensitive accounts or conducting financial transactions on public Wi-Fi networks.

- Verify the legitimacy of websites before entering sensitive data and only contact your bank at the contact number given on its website.

- Stay abreast of the latest scams and fraud techniques reported in the news. Be vigilant when taking calls from anyone purporting to be from your bank or financial institution and never share your personal or sensitive data in any way.

Gurcharan Chhabra is head of fraud prevention and intelligence at Mashreq

The specs
  • Engine: 3.9-litre twin-turbo V8
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

ITU Abu Dhabi World Triathlon

For more information go to www.abudhabi.triathlon.org.

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

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Inter Milan 1 (Martinez 18' pen)

Juventus 2 (Dybala 4', Higuain 80')

Our family matters legal consultant

Name: Hassan Mohsen Elhais

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If you go...

Etihad Airways flies from Abu Dhabi to Kuala Lumpur, from about Dh3,600. Air Asia currently flies from Kuala Lumpur to Terengganu, with Berjaya Hotels & Resorts planning to launch direct chartered flights to Redang Island in the near future. Rooms at The Taaras Beach and Spa Resort start from 680RM (Dh597).

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UAE currency: the story behind the money in your pockets
RESULT

Huddersfield Town 1 Manchester City 2
Huddersfield: Otamendi (45' 1 og), van La Parra (red card 90' 6)
Man City: Agüero (47' pen), Sterling (84')

Man of the match: Christopher Schindler (Huddersfield Town)

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Defence review at a glance

• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”

• Prioritise a shift towards working with AI and autonomous systems

• Invest in the resilience of military space systems.

• Number of active reserves should be increased by 20%

• More F-35 fighter jets required in the next decade

• New “hybrid Navy” with AUKUS submarines and autonomous vessels

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Rating: 2.5/5

Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
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Managing the separation process

  • Choose your nursery carefully in the first place
  • Relax – and hopefully your child will follow suit
  • Inform the staff in advance of your child’s likes and dislikes.
  • If you need some extra time to talk to the teachers, make an appointment a few days in advance, rather than attempting to chat on your child’s first day
  • The longer you stay, the more upset your child will become. As difficult as it is, walk away. Say a proper goodbye and reassure your child that you will be back
  • Be patient. Your child might love it one day and hate it the next
  • Stick at it. Don’t give up after the first day or week. It takes time for children to settle into a new routine.And, finally, don’t feel guilty.  
Second Test

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Pakistan 418-5 (declared)
New Zealand 90 and 131-2 (follow on)

Day 3: New Zealand trail by 197 runs with 8 wickets remaining

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Starring: Amir El-Masry, Pierce Brosnan

Director: Athale

Rating: 4/5

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Dir: Guy Nattiv

Starring: Jamie Bell, Danielle McDonald, Bill Camp, Vera Farmiga

Rating: 3.5/5 stars

Company name: Farmin

Date started: March 2019

Founder: Dr Ali Al Hammadi 

Based: Abu Dhabi

Sector: AgriTech

Initial investment: None to date

Partners/Incubators: UAE Space Agency/Krypto Labs 

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Power: 290hp

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Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Key findings
  • Over a period of seven years, a team of scientists analysed dietary data from 50,000 North American adults.
  • Eating one or two meals a day was associated with a relative decrease in BMI, compared with three meals. Snacks count as a meal. Likewise, participants who ate more than three meals a day experienced an increase in BMI: the more meals a day, the greater the increase. 
  • People who ate breakfast experienced a relative decrease in their BMI compared with “breakfast-skippers”. 
  • Those who turned the eating day on its head to make breakfast the biggest meal of the day, did even better. 
  • But scrapping dinner altogether gave the best results. The study found that the BMI of subjects who had a long overnight fast (of 18 hours or more) decreased when compared even with those who had a medium overnight fast, of between 12 and 17 hours.
Top financial tips for graduates

Araminta Robertson, of the Financially Mint blog, shares her financial advice for university leavers:

1. Build digital or technical skills: After graduation, people can find it extremely hard to find jobs. From programming to digital marketing, your early twenties are for building skills. Future employers will want people with tech skills.

2. Side hustle: At 16, I lived in a village and started teaching online, as well as doing work as a virtual assistant and marketer. There are six skills you can use online: translation; teaching; programming; digital marketing; design and writing. If you master two, you’ll always be able to make money.

3. Networking: Knowing how to make connections is extremely useful. Use LinkedIn to find people who have the job you want, connect and ask to meet for coffee. Ask how they did it and if they know anyone who can help you. I secured quite a few clients this way.

4. Pay yourself first: The minute you receive any income, put about 15 per cent aside into a savings account you won’t touch, to go towards your emergency fund or to start investing. I do 20 per cent. It helped me start saving immediately.

Updated: December 25, 2024, 4:00 AM