How to be protected against bank fraud and how to file a complaint – Criminal law

United Arab Emirates: How to be protected against bank fraud and the procedures for filing a complaint

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Bank frauds are of different types and can include different types of financial crimes. It is essential to raise awareness about the different types of bank fraud and also to put into practice the measures that one can take to avoid falling victim to such criminal acts. In this article, we will also discuss the steps one can take to file a complaint in such circumstances.

Different types of bank fraud:

  • ATM fraud: ATMs are sometimes manipulated by fraudsters in various ways. Such as the inclusion of a camera to record your PIN details, connecting a device to the card slot to record your card details, as well as attaching a fake keypad. Once the criminals intercept the data on the card’s magnetic stripe and / or the user’s secure PIN, the data is then used to create fake cards with which funds are then fraudulently withdrawn.
  • Fraudulent or phishing emails: It is a common tactic followed by cyber criminals to send phishing emails representing a particular bank or the UAE central bank and thereby trick a victim into sharing their personal credentials online. Emails are designed to appear authentic by including logos and similar domains in order to gain the trust of unsuspecting victims. Be especially wary of emails informing you that your account is now blocked. In the past, this has been seen as a very common tactic followed by scammers, trying to panic you and attempting to request sensitive data under the guise of unlocking or unfreezing your bank account. UAE banks and UAE central bank have repeatedly issued notices advising their customers that banks will not require verification process through such emails and will not freeze either your bank account at random for no apparent reason. Often times, these phishing emails also contain viruses or external links that attempt to access and store your personal data.
  • Fraudulent calls: Similar to phishing emails in this type of bank fraud, a fraudster attempts to obtain sensitive personal information such as date of birth, passwords, card details by making convincing phone calls. Often, such calls are made masquerading as the technical team of the bank or the UAE Police Department, while attempting to obtain sensitive information by deceiving or threatening the unconscious victim.
  • Fraud by bank check: In this type of fraud, the scammers provide a magic ink / pen for the purpose of writing the check. Using the same, the amount of the written check ends up disappearing after a few hours, thus providing the fraudster with the perfect opportunity to replenish the value of the check and then cash the check for a higher value than expected by the check. transmitter.

How to file a complaint in the event of bank fraud:

  • The first step: File a formal complaint with the bank as a preliminary step. This will provide you with a record of the complaint and ensure proper procedures until the matter is resolved. Use the formal steps to register a complaint with the appropriate reference number and with documented records. In addition, also make sure you reach the right department within the bank; for example, there is a separate department for corporate banking and personal banking, and each bank also has a legal department in addition to a dedicated customer service.
  • Step two: file a police report: Right now, be sure to file a police complaint to register your loss and the attempted hack into your account. Depending on the nature of the financial crime, you can file a complaint with the cyber division, such as with online scams.
  • Step three: File a declaration with the central bank:Once you have filed your complaint with the bank and an investigation is underway, you may also consider escalating the complaint to the UAE central bank. The Consumer Protection Department of the UAE Central Bank is responsible for resolving disputes between customers and a particular financial institution. This step should, of course, be taken after an initial internal resolution attempt with the financial institution concerned. However, if the complaint is not resolved even after a period of thirty days or if you are not satisfied with the resolution, then consumers can address their complaint to the central bank.

Bank fraud is increasingly prevalent around the world and in the United Arab Emirates. Aware of the growing number of such scams, awareness campaigns are regularly carried out by the UAE central bank alongside public authorities such as the Dubai and Abu Dhabi police to raise awareness. Awareness is essential to prevent such scams.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

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