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UAE central bank issues warning against cyber fraud

UAE central bank

Through its website, the apex banks cautioned its citizens to verify the authenticity and source of the digital messages they receive from banks

The UAE’s central bank recently issued a warning through its website cautioning citizens against the possibility of cyber fraud. The banks asked the citizens to be on alert for fraudulent messages that claim to be sent either by the central bank or by other banks operating in the UAE.

The central bank pointed out that it does not provide retail banking services, and does not conduct transactions or keep funds for individuals. The central bank also warned about a fraudulent activity where an individual receives an email, messages, telephone calls or documents claiming that funds have been deposited in their name with the central bank.

The central bank further stated that some fraudulent activities are carried out with an intent of stealing an individual’s personal information such as phone numbers, email ids or bank account details.

Earlier the central bank has also issued warnings about fake WhatsApp messages. The Central Bank has advised its customers to avoid responding to such messages, and not to open any link that may be attached. It emphasised that it does not use social networking sites to contact individuals or businesses, and alerted customers to always protect confidential information, such as bank account details.

Customers of Mashreq Bank were victims of cyber fraud as many of them received emails saying they are eligible to receive over Dh10,000 in VAT refunds.

According to a research study, phishing and social engineering are part of a wider range of cybercrimes that are together expected to put at risk about $5 trillion of value globally.

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