Fraudsters drained Isabelle Jones' bank account after the Dubai resident clicked on a phishing email. Pawan Singh/The National
Fraudsters drained Isabelle Jones' bank account after the Dubai resident clicked on a phishing email. Pawan Singh/The National
Fraudsters drained Isabelle Jones' bank account after the Dubai resident clicked on a phishing email. Pawan Singh/The National
Fraudsters drained Isabelle Jones' bank account after the Dubai resident clicked on a phishing email. Pawan Singh/The National

From smishing to prize scams: how to avoid bank fraud


Nada El Sawy
  • English
  • Arabic

Types of bank fraud

1) Phishing

Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.

2) Smishing

The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.

3) Vishing

The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.

4) SIM swap

Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.

5) Identity theft

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.

6) Prize scams

Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.

Isabelle Jones made the mistake of clicking on a link in an email claiming to be from her bank.

“It asked me to change my password and it looked very legit and I was busy, so I didn’t pay attention,” says Ms Jones, 52, a Canadian personal trainer in Dubai. “I wanted to do it before forgetting – and I should have been more cautious – but I just did it."

Ms Jones forgot about the email until a few weeks later when she did her monthly check of her account online. There had been nearly Dh100,000 in that account, but – to her shock – there was only around Dh100 left.

Such phishing scams – fake emails that can lead to data breach or installation of malware – are commonplace in the UAE. It is unlikely they will go away anytime soon and neither will other types of bank and credit card frauds, including smishing, vishing, SIM swap, identity fraud and prize scams.

For Ms Jones, the money transfers started about three days after that email. "Over the course of a month, several small transfers were made," she says. After calling her bank and an investigation involving the police, she was reimbursed the full amount.

As the number of ways to bank have increased, so have the avenues through which fraud can be committed. While banks and credit card companies are constantly updating their security measures, they emphasise that consumer awareness is key to preventing and combating fraud.

“As banks have developed better strategies, the customer is always the target of the fraudster,” says Riann Van Schalkwyk, HSBC’s head of fraud for the Menat region. “There are myriad ways that the bad guys convince the customer to hand over their personal information … The moment that those details are with the bad guys, they can use it.”

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When Emirates NBD customers, and non-customers, received emails in November promising VAT refunds, the bank issued a warning on its website that these were phishing emails intended to trick people into sharing sensitive information.

Yet the emails have continued with the hackers changing strategy. One email sent on January 6 from the legitimate email address customercare@emiratesnbd.com with the subject "Emirates NBD: Dispute Transaction" states "If you did not dispute the last transaction, please login in to your Emirates NBD account and cancel the dispute request," along with a login link.

In December, the Central Bank of the UAE issued a warning to the public about fraudulent WhatsApp messages telling customers their ATM card has been blocked. The fake message used the Central Bank logo as its profile image and included a hyperlink to click.

David Michaux, director of technical security services at Whispering Bell, a risk management and information security company, says fraudsters are now targeting social media a lot more, as the drive to make banking more accessible overlaps with social networks.

“Banks are trying to make their service as attractive as possible and they’re trying to offer as many services as possible. So you have telephone banking, android apps, iOS apps, online banking, WhatsApp banking – you have everything,” Mr Michaux says. “The more channels that you open, the more channels you have to protect and the wider the landscape.”

Emirates NBD, for example, is currently piloting WhatsApp banking for the bank’s employees with the intention of rolling it out to customers soon. In a September statement, the bank assured customers all messages on the bank’s WhatsApp business account are encrypted, ensuring safety and security.

Making banking more convenient means personal data is often shared across several platforms. Abu Dhabi's Al Hilal Bank, for example, allows customers to use their Emirates ID cards to make cash withdrawals from its ATM machines.

Mr Michaux says Whispering Bell works with UAE banks and telecom operators to close any vulnerabilities, including one where hackers divert text messages used by banks to authenticate users. When combined with the large data breaches happening around the globe, such text intercepts can have disastrous consequences.

Changing passwords regularly and being more creative with passwords can also help consumers protect their data.

“People don’t actually take this as seriously as they should,” says Mr Michaux. “The problem is that now every time you use any service … you’re asked to log on with a username and a password and to create an account. Now, most people don’t have amazing memories, so they basically stick with two, three or four passwords which they use and they just rotate these through all the different registrations that they do.”

The banks themselves are also taking action to increase consumer awareness. Emirates NBD launched a #DontTakeTheBait video series on social media networks, warning consumers of the dangers of vishing, phishing, advance fee frauds and identity fraud, while Abu Dhabi Islamic Bank features anti-fraud tutorials on its website.

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However, there have also been cases of fraud happening internally. Seventeen men are currently on trial for allegedly stealing more than Dh20 million from Dubai Islamic Bank through fake transfers. Seven were bank employees who leaked client details to the other defendants. Last year, Al Hilal Bank uncovered internal fraud worth more than Dh500m, according to Bloomberg.

However, credit card fraud remains the most common issue. More than a quarter of UAE residents reported being a victim over a five-year period, according to a 2016 study by ACI Worldwide.

Major payment technology companies, such as MasterCard and Visa, work with banks to improve security. Making credit cards chip-enabled, rather than relying on magnetic stripes, makes them insusceptible to skimming. However, 3D Secure provides an added layer of security by prompting customers for an OTP (one-time password) when making an online purchase.

Neil Fernandes, Visa’s head of risk for Mena, says the company has a four-pronged approach when it comes to preventing fraud.

Protecting data is primarily done through data encryption, such as the account number being scrambled by an algorithm when making an online purchase. Harnessing data uses intelligence tools, such as 3D secure, to detect whether a transaction is fraudulent.

Devaluing data means making data unusable by implementing technologies like tokenisation and card chips. Tokenisation replaces the card’s 16-digit number with a unique “token” number that can be used for mobile point-of-sale transactions, in-app purchases and online purchases. Therefore, criminals are unable to use the credit card number without the token that changes every time.

Finally, empowering consumers is making them aware of tools, such as text message alerts and “consumer transaction controls,” says Visa, to determine how, where and when their cards can be used. While the text message alerts are mandatory, the transaction controls are a new option that provides a second line of defence for the consumer.

__________

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Bank customers must submit their Emirates ID or face suspension

___________

However, it is still up to consumers to protect themselves. “We recommend consumers don’t share credit card numbers with anyone and avoid responding to phone calls or emails that promise prizes or offers that are too good to be true in exchange for disclosing card details or passwords,” adds Mr Fernandes.

Ambareen Musa, founder and chief executive of the financial comparison website Souqalmal.com, says it is important that consumers also keep on top of their accounts.

"Monitor your account statements and card activity regularly, make sure you're signed up for and are receiving email and SMS notifications for all your account and card transactions," Ms Musa says.

Unfortunately, fraudsters can find ways around extra security measures if consumers are duped into trusting them. A British woman, 40, an events planner in Dubai who prefers to remain anonymous, says she was scammed into believing the Ministry of Finance was calling her to ask for her bank details as a background check. After she hung up multiple times, the caller accused her of disrespecting government officials and threatened her with imprisonment.

The fraudster acted as if he were authentic by sending her a text message from what appeared to be an official Emirates ID number. She then gave him her credit card number and even gave the one-time password when asked.

“I’m still questioning myself till today," she says. "I think it was more coercion and shouting and me worried about the prospect of going to jail."

About Dh30,000 was drained from her account within 20 minutes, while the male scammer kept her on the phone. She immediately called the bank and the police, but was only able to retrieve about half the amount.

“If I had seen the messages coming from my bank, I would know it was a scam,” she says. “But I was somehow blinded by fear.”

Famous left-handers

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Rating: 2/5

Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.

A semen analysis of the father showed abnormal sperm so the couple required IVF.

Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.

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8.15pm: UAE Oaks – Group 3 (TB) $125,000 (D) 1,900m

8.50pm: Zabeel Mile – Group 2 (TB) $163,000 (T) 1,600m

9.25pm: Balanchine – Group 2 (TB) $163,000 (T) 1,800m

10pm: Al Shindagha Sprint – Group 3 (TB) $130,000 (D) 1,200m

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The Bio

Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
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  • Spaces for historical and cultural exploration
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  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
If you go

The flights
Etihad (etihad.com) flies from Abu Dhabi to Luang Prabang via Bangkok, with a return flight from Chiang Rai via Bangkok for about Dh3,000, including taxes. Emirates and Thai Airways cover the same route, also via Bangkok in both directions, from about Dh2,700.
The cruise
The Gypsy by Mekong Kingdoms has two cruising options: a three-night, four-day trip upstream cruise or a two-night, three-day downstream journey, from US$5,940 (Dh21,814), including meals, selected drinks, excursions and transfers.
The hotels
Accommodation is available in Luang Prabang at the Avani, from $290 (Dh1,065) per night, and at Anantara Golden Triangle Elephant Camp and Resort from $1,080 (Dh3,967) per night, including meals, an activity and transfers.

UK's plans to cut net migration

Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.

Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.

But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.

Language requirements will be increased for all immigration routes to ensure a higher level of English.

Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.

The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.

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  • 1917– 3
  • Ford v Ferrari – 2
  • Joker – 2
  • Once Upon a Time ... in Hollywood – 2
  • American Factory – 1
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  • Hair Love – 1
  • Jojo Rabbit – 1
  • Judy – 1
  • Little Women – 1
  • Learning to Skateboard in a Warzone (If You're a Girl) – 1
  • Marriage Story – 1
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7.30pm: Maiden (PA) Dh 70,000 (D) 1,600m; Winner: AF Ensito, Fernando Jara, Mohamed Daggash

8pm: Maiden (PA) Dh70,000 (D) 1,400m; Winner: AF Sourouh, Tadhg O’Shea, Ernst Oertel

8.30pm: Maiden (PA) Dh70,000 (D) 1,800m; Winner: Baaher, Fabrice Veron, Eric Lemartinel

9pm: Maiden (PA) Dh70,000 (D) 2,000m; Winner: Mootahady, Antonio Fresu, Eric Lemartinel

9.30pm: Handicap (TB) Dh70,000 (D) 2,000m; Winner: Dubai Canal, Tadhg O’Shea, Satish Seemar

10pm: Al Ain Cup – Prestige (PA) Dh100,000 (D) 2,000m; Winner: Harrab, Bernardo Pinheiro, Majed Al Jahouri

UAE currency: the story behind the money in your pockets
F1 drivers' standings

1. Lewis Hamilton, Mercedes 281

2. Sebastian Vettel, Ferrari 247

3. Valtteri Bottas, Mercedes 222

4. Daniel Ricciardo, Red Bull 177

5. Kimi Raikkonen, Ferrari 138

6. Max Verstappen, Red Bull 93

7. Sergio Perez, Force India 86

8. Esteban Ocon, Force India 56

Types of bank fraud

1) Phishing

Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.

2) Smishing

The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.

3) Vishing

The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.

4) SIM swap

Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.

5) Identity theft

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.

6) Prize scams

Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.