Thousands of people in the UAE fall prey to a credit card fraud every year in UAE. And the statistics are climbing every year. According to the latest statistics, about 1 in 10 individuals in the country report of a credit card fraud. The worst part is that the fraudster’s actions come to light only once they have committed the crime, and disappeared with the stolen money.
Mostly expats fall victim to the credit card fraud in the UAE. One of the victims of the credit card fraud was Prashanth Thyagarajan. He said that his wife had received a letter from the bank that her credit card number was used to purchase DH 4,500 (US$1,225) worth of goods from a supermarket. It is believed that the fraudsters had somehow gotten hold of the credit card after the couple had booked a hotel stay and hired a car in the UAE.
Luckily, the said transaction occurred in a famous supermarket chain in France, and the couple was refunded the amount later in the afternoon. But it was an eye opener for them about the risk of credit card fraud in the country.
In most of the credit card fraud cases, the amount is blocked by the financial institutions. But it does not happen all of the time. In a number of cases, the individuals have to part with the hard-earned cash due to a credit card fraud.
How do Credit Fraud Occur in the UAE
The credit card fraud originates when the criminals impersonate a registered company online. An email is sent to the individual asking to provide confidential information such as name, address, national ID number, bank account number, and credit card. The emails may ask the target individual to update the profile at the site or for verification purposes.
Phishing emails are sent to a targeted group of individuals asking them to enter the confidential information for verification purposes. Armed with this information, the cyber criminals commit identity theft and credit card fraud.
A Word of Advice
Individuals traveling to the UAE are advised to take especial precaution when entering information on any of the local website. Also, it is important that you immediately report unscrupulous activities related to your credit card to the bank and other legal authorities. Taking instant action prevents further abuse of the credit card.
Whenever a credit card fraud is detected, it is essential that you request to cancel the fraudulent transactions. You should ask for a refund from the bank even if the cybercriminal has depleted your bank account and eloped with the stolen goods. Remember that your bank is responsible for the security of the cards. So, you have the right to retrieve your money from the bank that should have taken necessary steps to block the transactions.
On a final note, getting the help of a professional attorney can also help in getting recompense for the financial loss suffered due to the irresponsible actions of the bank. If you are denied a request by the bank to refund the stolen money, you can file a lawsuit in the court to collect the money lost due to credit card fraud.