Organisations launch UAE’s first national fraud awareness campaign

The joint initiative aims to educate and protect consumers from financial cybercrime and fraud, particularly in light of the increased use of digital banking services during the COVID-19 pandemic.

As digital solutions disrupt the banking industry, fraudsters have become increasingly sophisticated resulting in a surge in the number of cases of fraud worldwide.

Unfortunately, the UAE is no exception to this trend. In 2018, there was a y-o-y increase of 18.2 per cent in fraud cases. These numbers increased again in 2019.

Globally, fraud and cybercrime are expected to rise further. And with hundreds of millions of people mandated to stay at home to curb the spread of the coronavirus, COVID-19 related fraud is also expected to climb as fraudsters exploit people’s fear and anxiety during these difficult times.

Common scams are targeting victims via email, SMS, phone and social media, with fraudsters posing as genuine organisations including government entities, banks, and healthcare providers to trick victims into disclosing personal or financial information. In the UAE, the CBUAE has urged the public to be wary of potential fraudulent activities using its name, and warns that there will be a rise in these types of scams during the coronavirus outbreak.

To counter this, and encourage people to remain vigilant while they stay at home, the national fraud awareness campaign will be rolled out across social and traditional media channels with the support of the UBF Fraud Prevention Committee and UBF’s 53 member banks. Under the theme #TogetherAgainstFraud, content will include educational videos and articles that will raise awareness on how to identify scams and avoid them.

And as part of the campaign’s efforts to help banks and authorities spot trends and further combat fraud, UBF has launched a micro-website where customers can report fraudulent activity.

Abdulhamid Saeed, governor of the Central Bank of the UAE, said, “As digital banking transactions are witnessing a significant spike during this time, we at Central Bank of the UAE have been quick to deploy robust fraud prevention measures to protect consumers.

“The announcement further validates this commitment. The newly launched fraud awareness campaign, underscored by a series of interactive and educational materials, is aimed at informing consumers about the proliferation of phishing activities while enabling them to stay alert. We continue to advise consumers to be aware of malicious activities and schemes while practicing caution when sensitive and personal information is requested.”