UAE Banks Federation shares tip for protecting against fraud

UAE – The UAE Banks Federation (UBF), a professional body representing 48-member banks operating in the UAE, has shared some easy-to-implement tips which can help residents in the UAE protect themselves against certain types of fraud.

The tips were compiled by the Fraud Prevention Committee, a specialized committee formed by UBF for strengthening fraud risk framework in the banking sector, as part of its larger efforts to enhance banking security standards in the UAE and protect consumers from fraud and financial crime.

The move comes against a backdrop of an increase in incidents of financial fraud with several reports of unsuspecting consumers falling victim to lottery scams and other such fraudulent schemes.