A few years ago, most fraud victims reported losing money due to lost credit cards. Today, scammers employ bolder and more advanced tactics, utilizing platforms like WhatsApp, Google Pay, and Apple Pay to deceive unsuspecting individuals. These criminals exploit people's vulnerabilities. Consider the harrowing case of Lina, a Filipina expat in Dubai undergoing chemotherapy, who borrowed Dh100,000 for her treatment through a bank agent. After providing her personal details to the agent, she received a call from someone posing as a Dubai Police officer, who knew intricate details about her loan. Believing the call was legitimate, she shared her one-time password (OTP), leading to the immediate loss of her chemotherapy funds.
This incident highlights potential data leaks from financial institutions, according to Atty. Barney Almazar, director of the corporate-commercial department at Gulf Law, who is handling Lina's case. Almazar noted that credit card fraud has evolved significantly over the past decade, now frequently occurring online with sophisticated methods like WhatsApp and digital payment platforms. Fraudsters also create fake QR codes and send them to WhatsApp groups, tricking victims into scanning them for supposed money transfers.
Another tactic involves fake customer service calls, as experienced by A.S., who lost Dh45,000 after providing an OTP to a scammer claiming to be from a bank's anti-fraud department. Almazar emphasized that while compliance is essential, proactive security measures are crucial to stay ahead of fraudsters. He also highlighted Apple Pay scams, where victims are lured to fake websites and tricked into revealing sensitive information.
SIM card cloning is another alarming trend, allowing scammers to intercept OTPs. Cybersecurity expert Irene Corpuz noted that scammers use advanced technologies like AI to enhance their deception. Almazar reiterated the need for proactive security measures and vigilance to combat fraud. Beyond financial losses, victims often suffer emotional distress, highlighting the importance of robust data protection practices to maintain customer trust.
To protect against fraud, Almazar and Corpuz advise verifying caller identities, avoiding long calls with suspicious individuals, not sharing OTPs or sensitive information, checking QR codes for authenticity, being cautious with phishing emails, enabling multi-factor authentication, staying informed about common scams, attending cybersecurity training, and using strong, unique passwords with two-factor authentication.
