Prevention and Fight against Fraud:

At “Al Shorafa Exchange”, we are committed to utilizing all of our resources to combat fraud and prevent criminals from victimizing our customers. We invest in the latest technology and train our staff to catch fraudulent activities. We initiated several public awareness campaigns to help people protect themselves from different types of scams.

Learn how fraudsters operate:

Fraudsters send fake messages to their victims claiming that they won large cash prizes through:

• WhatsApp
• Email
• Social media
• Phone calls
• SMS

They ask for their victims’ data and bank account information, claiming that they need these details to receive their prize money. They use these details to gain access to the victims’ accounts and steal their money. These scammers will tell their victims not to share the details of their prizes with anyone for the purpose of maintaining confidentiality and privacy.

Other scammers will also instruct their targets to send money to a certain address or bank accounts before they can claim their cash prize.

Protect yourself:

You are advised to adhere the below guidelines.

• Report suspicious activities to the relevant authorities immediately.
• Never send money to unverified sources.
• Don’t click on suspicious links.
• Remain vigilant and do not share personal details with anyone.
• Confirm the credentials of the person contacting you.

Types of Fraud:

• Lottery:
  Fake message from “Al Shorafa Exchange” claiming that a person has won a certain promotion. Fraudster will require some information which they will use to access to accounts.
• Phone fraud:
  Fraudsters will pose as bank employees. They will claim that your account is frozen.
  They will ask for personal information. They will connect you to an automated system that will ask for your card details and security code.
• Fund transfer:
  Businesses deal with suppliers and clients from all over the world, primarily via email.
  Fraudsters will send links via copycat emails. when the victim clicks on the link it gives the fraudster access to their computer or smartphone.
  The fraudster can now gain access to supplier information and ask for payments or change bank details to their own.
• Email:
  Fake email from bank claiming that the account is frozen for security reasons and that the customer should call a number found in the email.
  The person picking up the phone will grab the customer’s details giving the fraudsters access to the customer’s bank account/details.
• Bank ATM:
  Small camera placed above the keypad to gain access to a user’s PIN.
  Fake keypad placed above the actual keypad of the ATM to get user’s PIN.
  Device placed above the card reader in the ATM that will scan the front and back of the card, giving the fraudster access to the card number and 3-digit security code.
• Sim swap:
  Fraudsters will gather information on a certain person, either from social media or other sources. They will contact service providers to gain access to a new SIM card.
  They will make payments using the victim’s card and use the new SIM to gain access to the One Time Password (OTP) sent through SMS to authenticate the transaction.
  They can also use the OTP to access social media or bank accounts.
• Magic ink:
  The fraudster poses as a bank representative and comes to the victim with pre-filled documents for a credit card for example. The victim fills out their account details and signs a cheque with the amount of the proposed credit card.
  The fraudster uses heat to remove the ink of the cheque without removing the signature and therefore they have all the account details and a blank cheque issued from the victim’s bank and signed.
• Data privacy:
  Emirates ID number, date of birth, bank account details and much more can be breached by fraudsters. They will use this information to hack into your bank accounts, social media accounts etc.