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

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

The specs

Engine: Turbocharged four-cylinder 2.7-litre

Power: 325hp

Torque: 500Nm

Transmission: 10-speed automatic

Price: From Dh189,700

On sale: now

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The bio

Who inspires you?

I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist

How do you relax?

Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.

What is favourite book?

The Perks of Being a Wallflower - I think I've read it more than 7 times

What is your favourite Arabic film?

Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki

What is favourite English film?

Mamma Mia

Best piece of advice to someone looking for a career at Google?

If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.  

 

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

LAST-16 FIXTURES

Sunday, January 20
3pm: Jordan v Vietnam at Al Maktoum Stadium, Dubai
6pm: Thailand v China at Hazza bin Zayed Stadium, Al Ain
9pm: Iran v Oman at Mohamed bin Zayed Stadium, Abu Dhabi

Monday, January 21
3pm: Japan v Saudi Arabia at Sharjah Stadium
6pm: Australia v Uzbekistan at Khalifa bin Zayed Stadium, Al Ain
9pm: UAE v Kyrgyzstan at Zayed Sports City Stadium, Abu Dhabi

Tuesday, January 22
5pm: South Korea v Bahrain at Rashid Stadium, Dubai
8pm: Qatar v Iraq at Al Nahyan Stadium, Abu Dhabi

The biog

First Job: Abu Dhabi Department of Petroleum in 1974  
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work

HEY%20MERCEDES%2C%20WHAT%20CAN%20YOU%20DO%20FOR%20ME%3F
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'The worst thing you can eat'

Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.

Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines: 

Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.

Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.

Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.

Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.

Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.

Fines for littering

In Dubai:

Dh200 for littering or spitting in the Dubai Metro

Dh500 for throwing cigarette butts or chewing gum on the floor, or littering from a vehicle. 
Dh1,000 for littering on a beach, spitting in public places, throwing a cigarette butt from a vehicle

In Sharjah and other emirates
Dh500 for littering - including cigarette butts and chewing gum - in public places and beaches in Sharjah
Dh2,000 for littering in Sharjah deserts
Dh500 for littering from a vehicle in Ras Al Khaimah
Dh1,000 for littering from a car in Abu Dhabi
Dh1,000 to Dh100,000 for dumping waste in residential or public areas in Al Ain
Dh10,000 for littering at Ajman's beaches 

Updated: December 25, 2024, 4:00 AM