🥷 Keeping your money safe from scams
- Kacper Duda
- Feb 26
- 4 min read
Updated: Mar 18
Nearly 50% of UAE consumers have experienced online fraud attempts. Unsafe websites, clever texts and emails, and AI are joining scammers' toolkits to trick people into parting with their money.
Worryingly, whilst over 60% claim to be scam-savvy, tests have shown that 90% would miss important red flags to identify fraud attempts. Read on to learn:
How to better protect your money
What to do when you've fallen victim to online fraud
In the news: Tired of telemarketing calls? Good news on the horizon.
We see so many people dealing with these situations in communities that we are part of. Save the link to this article somewhere where you can easily find it in the future, particularly if you fall victim to fraud and need to act quickly.
How to protect your money
Keep your money stashed away - Don't keep your savings in a current account, where it's more exposed to debit card fraud and transfers out. Instead, move your money to a savings account, where it's better shielded and earns you interest!
Buy from reputable sources - Is the online retailer genuine? Look for a company address, check the browser connection is secure, and verify the web address is what you would expect. Make sure the website is clean and does not contain any spelling mistakes.
Use a credit card - A credit card is a safer purchase method and frequently comes with added "purchase protection", meaning you can often get your money back if things go wrong. Additionally, it doesn't provide access to your current or savings accounts.
Monitor SMS/push alerts - We all get a lot of them but pay attention to them! Even if the transaction amount shows as AED 0, it can be an early sign of fraudulent activity on your card. If you don't recognise something, follow the steps below.
NEVER share your OTP / UAE Pass - No one will ever legitimately ask you to share an OTP, log into UAE Pass or log into online banking. Not an online retailer, your bank or even the police! We cannot stress this enough, as banks are unlikely to reverse a fraudulent transaction if you provided your OTP.
Set transaction limits - A lot of cards allow you to set transaction limits by value and type (e.g. online transactions). It's best to keep these low or blocked when not using the card. Check under "card management" in your banking app whether yours supports this functionality.
Use virtual cards - Some banks allow you to create virtual cards for a specific purpose. Use it when you don't fully trust a retailer and you can deactivate the card straight after.
Fallen victim? Here's what to do.
When you suspect you've been a victim of fraud, it's essential to act quickly. The sooner you take the following steps, the higher the chance of getting your money back.
Block your card - Go into your banking app / portal and block the card completely under card management settings. This is often the fastest way to ensure the card can't be used again.
Call your bank - You'll find a 24h number on the back of your physical card (or find the number on the bank's website), call them and ask:
Block your card - Ask them to block all transactions on the card (or confirm the block is active if you've done it yourself).
Request a reversal - Provide details of the fraudulent transactions and ask the bank to start a reversal process. This might take a few weeks but ensure you follow up regularly to check the status of their investigation.
Change your banking password - If you think your online access has been compromised, change your login password. Ensure it's strong, unique, and not used elsewhere.
Report cybercrime - The UAE is increasingly becoming data-driven, so logging cybercrime enables the government to make macro-policy changes. Learn how you can report here. Having a police report might also help in conversations with your bank.
Sanadak complaint - If you believe your bank is not handling your complaint with due care and attention, you can complain to Sanadak, which is the UAE's financial ombudsman unit. They will investigate and ask the bank to take corrective action if required.
Not a scam - just a bad business?
Not all bad transactions are scams—some businesses just fail to deliver. If that happens:
Request a refund – Start by asking the retailer for a refund, especially if the goods weren’t delivered. Mention what steps you'll take next if needed.
Request a chargeback – If a purchase wasn’t fulfilled, you can ask your bank for a chargeback with supporting evidence. The bank will investigate and may reverse the transaction.
File a DED complaint – If the business violates consumer protection rules, report it to the relevant Department for Economic Development (DED). Find the right DED here.
IN THE NEWS - Dubai government crackdown on telemarketing rule breaches
Stricter telemarketing rules have come into effect in August 2024, requiring approval for telemarketing activities, introducing a Do Not Call Registry and restricting hours during which calls can be made. And yes, those apply to financial firms!
The rules are now being enforced and 159 companies have been issued AED 50,000 fines for violations. You can read about it in this Gulf News article.
Disclaimer: Please bear in mind that this email does not constitute financial advice. Any choices you make you are solely responsible for. We always aim to provide highest quality, independent views but do your own research to ensure you’re comfortable with any changes you make to your personal finances.
