The UAE Banks Federation (UBF), a professional body representing 48-member banks operating in the UAE, has shared some easy-to-implement tips which can help residents in the UAE protect themselves against certain types of fraud.

The tips were compiled by the Fraud Prevention Committee, a specialized committee formed by UBF for strengthening fraud risk framework in the banking sector, as part of its larger efforts to enhance banking security standards in the UAE and protect consumers from fraud and financial crime.

The move comes against a backdrop of an increase in incidents of financial fraud with several reports of unsuspecting consumers falling victim to lottery scams and other such fraudulent schemes.

UBF’s Fraud Prevention Committee has noted that some unscrupulous people are targeting residents by offering them lottery prizes and using such fictitious schemes and offers as a pretext for seeking confidential information, which they then use to conduct fraudulent transactions on the accounts and credit cards of those residents. To fight this threat, the committee has put together a list of simple fraud prevention tips which can go a long way in protecting residents against the risk of identity theft, thus ensuring they don’t lose out to fraud.

The Committee further added that even as new ways of banking emerge, a large number of consumers continue to be unaware or ill-informed about the ‘Dos and Don’ts’ of transacting online or keeping their personal information secure. Hence it is essential that consumers are always kept informed and educated about common scams and how to avoid being a victim of identity theft and fraud.

The Fraud Prevention Committee has compiled the below tips in consultation with member banks:

•    Never share your OTP (one-time password) with anyone
•    Never provide your bank account or credit card details to anyone on phone or email
•    Never disclose any details in response to an e-mail purporting to have been sent by your bank
•    If you receive an OTP message which you have not requested for, you should immediately report it to your bank
•    Always ensure your current phone number and email ID are updated with your bank
•    Regularly check your bank statements
•    Keep your PC/phones updated with latest anti-virus/anti-malware etc.
•    Be careful when using free Wi-Fi for devices used for internet banking, email ID access
•    Your bank will never request any details via an e-mail or phone call. – TradeArabia News Service