The Scourge of Financial Crime: How to Protect Yourself from Fraudsters

The rising incidence of various forms of financial crime reflects how criminals are getting more sophisticated and using modern technology to prey on the unsuspecting. While most people pin the blame on banks by default, they ought to keep their guard up too and be extra vigilant while performing financial transactions.

Be cautious of suspicious transactions

It’s common sense to never share your one-time password (OTP) for suspicious transactions. Banks can rarely help if you authorise a transaction and then decide to renege on it.

However, when phishing attempts become more sophisticated and fraudsters do a perfect con job, gullible customers inadvertently succumb and end up losing their hard-earned money.

“I recently spoke to a victim of a credit card fraud. The telecom bill payment he thought he’d made, unfortunately, went to an investing platform in the US that he had never heard of.”

Another common fraud strategy is to create fake telecom websites and take out sponsored advertisements on Google so that customers click on these bogus links to pay their bills and divulge their banking credentials. Beware of this type of fraud!

Stay safe online

Most of us have also received the occasional message about an unsolicited Aramex or Emirates Post package waiting for us or thwarted a stranger trying to hack into our UAE Pass.

Financial crime is a reality, and it’s better to be safe than sorry. Customers are advised to always pay bills either on the respective company’s website or app instead of through search engines.

Be cautious of fake emails and text messages

In other news, our On The Money newsletter will now come out once a fortnight, packed with everything you need to know about what’s happening in the world of personal finance. Subscribe and stay tuned!

Don’t forget to scroll down to check out our readers’ money-saving tips. This week, we look at how negotiating, either for a higher salary or a lower rent, can help cut costs and boost savings in your budget. Get in touch with us at pf@thenationalnews.com to share your best tips.