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🛡️ The top 7 financial scams in the UAE (and how to avoid them)

  • Kacper Duda
  • May 28
  • 4 min read

Scams evolve faster than we can keep up. Fraudsters find new ways to trick you through sophisticated messages, social engineering and technologies. The last way you want to find out about a new scam is by being hit by it.


We've put together a list of the most common scams currently operating in the UAE, so you can keep your money safe. Read on to find out:

  • What are the top 7 scams to look out for?

  • How to protect yourself (and your money) against them

  • In the news: AED 5,000 minimum bank balance requirement suspended


Digital cyber image collage.

Top 7 UAE financial scams to watch out for

A lot of these scams have been around for some time, while others are new. Test yourself - we think there will be one or two that you did not know about.


If you've been a victim of a financial scam in the UAE, we'd love to hear your story. More importantly, it may help others too. And remember, if you ever fall victim, our previous article tells you what steps you should take.


1. Fake bank calls (vishing - voice phishing)

Scammers impersonate bank representatives, claiming issues like account suspension or suspicious activity. They pressure victims to share sensitive information, such as OTPs or PINs, over the phone. 


How to protect yourself: Banks will never ask for your OTP or PIN over the phone. If you receive such a call, hang up immediately and contact your bank directly using official channels.


2. Smishing via SMS or WhatsApp

Fraudsters send messages that appear to be from banks, government entities, and deliveries (Emirates Post is a common one), prompting users to click on malicious links to "verify" information or "claim" rewards. These links lead to fake websites designed to steal your credentials.


How to protect yourself: Avoid clicking on links from unknown senders. Always verify the authenticity of messages by contacting the institution directly through official means.


3. Fake police or government official impersonation

Scammers pose as Dubai Police or other authorities, alleging legal issues or fines. They coerce victims into making immediate payments, sharing personal information or authorising a request in the UAE Pass app under the threat of legal consequences. 


How to protect yourself: Authorities will not demand payments, personal information or UAE Pass authentication over unsolicited calls or messages. Verify any claims by contacting the relevant government department directly.


4. Digital wallet and contactless payment fraud

Having obtained your card details, scammers might add the card to a digital wallet, which they can use freely. This will often require an OTP that the scammers might obtain from you using one of the phishing methods above.


How to protect yourself: Never share your OTP with anyone, keep your card details safe and be on the lookout for any bank notifications of your card being added to digital wallets. In case of suspicious activity, call your bank immediately and block the card.


5. Fake job offers requiring upfront payments

Job seekers receive offers from supposed employers or recruitment agencies requesting fees or refundable deposits for application processing or training. After payment, the job offer disappears, and so does your money.


How to protect yourself: Legitimate employers do not ask for payment during the recruitment process. Research the company and consult official job portals or company websites for verification.


6. Phishing emails mimicking banks

Emails that appear to be from legitimate banks prompt users to log in to fake websites, capturing their login credentials and other sensitive information. 


How to protect yourself: Be cautious of emails requesting personal information or urgent actions. Always access your bank's website by typing the URL directly into your browser, not by clicking on links in emails.


7. SIM card cloning

As everything in the UAE is linked to your phone number, this one can be very dangerous. Based on fraudsters obtaining a UAE Pass verification from you (using one of the phishing attempts above), they can clone your SIM as an eSIM and start receiving text OTPs intended for you.


How to protect yourself: Never accept any unsolicited UAE Pass authentication requests from anyone. Speak to your mobile provider if you unexpectedly lose phone signal and always be vigilant when receiving any notifications from your mobile provider.


IN THE NEWS: AED 5,000 minimum bank balance requirement suspended


In a rare last-minute change, the UAE Central Bank has asked banks not to implement the new AED 5,000 minimum bank balance requirement while it further assesses the impact on the labour market. You can read more in this KT article.


For now, the old AED 3,000 requirement remains in place. If you fall below that, your bank may charge an account maintenance fee. We've looked at zero-fee current accounts not long ago here.


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.

 
 
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