The Federation of Emirates Banks launched today, in cooperation with the UAE Central Bank, Abu Dhabi Police and Dubai Police, the first national campaign to raise awareness against financial fraud. The organization of this joint campaign came in light of the increased risk of financial fraud and the exploitation of criminals by the Covid-19 pandemic, as it aims to enhance public awareness and protect consumers from the various methods of financial fraud.
Fraud operations of all kinds are growing around the world, with technology advancing steadily and the possibility of digital channels disrupting financial services. We cannot exclude the UAE from this phenomenon. In 2018, there was an annual increase of 18.2% in fraud cases, and these numbers have increased in 2019.
Expectations indicate that financial fraud and cybercrime will rise further worldwide. With hundreds of millions of people now obligated to stay at home to curb the spread of the Coronavirus, frauds linked to the Covid 19 pandemic are also expected to increase, as fraudsters exploit people's fears and anxieties during these difficult times. Frauds also target new victims via e-mail, SMS, phone calls and social media, where fraudsters claim to be from real companies or organizations including government agencies, banks and health care providers, to trick victims from customers and obtain their personal or financial data.
The Central Bank of the United Arab Emirates urged the public to be wary of possible fraudulent activities using the name of the Central Bank, and warned that there would be an increase in such types of fraud operations during the outbreak of the Covid-19 pandemic.
To counter this, and to encourage people to be careful while staying in their homes, the Emirates Banking Association will implement the joint campaign through various traditional media and social media, in cooperation with the Emirates Banking Association’s Fraud Prevention Committee and all its member banks (53 members).
Under the # Together Against Fraud slogan, the campaign will feature a series of informative videos and articles that raise awareness on how to recognize and avoid fraud.
As part of the campaign efforts aimed at helping banks and authorities discover and continue to combat fraud, the Emirates Banking Association launched a mini website to support customers in reporting fraudulent activities.