The reported number of fraud cases that occur globally is constantly increasing. . According to FTC, reported fraud losses increased by 106 per cent between 2015 and 2019 to reach $ 1.9 billion in US alone. By the time you finish reading this article, it is highly likely that several other people will have fallen victim to fraudulent attacks. While the methods vary, from phishing to trojan attacks, the outcome remains the same; people losing out to opportunists and malicious actors.
Some of the most common frauds we continue to observe among retail banking customers, include fraudulent phone calls, prize scams and SIM swap frauds, and business email compromise for corporate and business customers.
Consumers falling victim to these schemes often fail to monitor their account on a regular basis, despite banks sending transaction alerts. This results in late reporting of the crime and impacts the blocking and recovery of funds. Additionally, some customers do not take data privacy as seriously as they should and share account or identity information with third parties on social media platforms.
Examining recently reported prize and vishing scams, we observed that customers tend to trust unknown callers to easily and disclose confidential information, such as account, card numbers, PINs and account passwords. This enables the fraudsters to gain access to sensitive customer information, and ultimately their funds.
Everyone has a part to play in fraud prevention, including customers. However, it is the collective responsibility of the financial ecosystem to lead this fight. At ADIB, we have created a number of educational and awareness campaigns to reach residents in the UAE, most recently with the support of Abu Dhabi Police. Through a joint campaign led through social media, we were able to reach and educate hundreds of thousands of customers.
Additionally, as fraud methods become more sophisticated, ADIB uses cutting edge technologies and processes to protect customer information, constantly evaluating, developing and implementing more advanced banking security measures.
We also enable customers the ability to instantly block their card through our app if they feel that there has been a fraudulent transaction.
As a bank, we will continue to take an active role in protecting customers against fraudulent attacks. We encourage everyone to remain vigilant and stay safe.