FRAUD AWARENESS

Recognizing Common Fraud Tactics

You can spot fraud early by being alert to:

• Unfamiliar Sender Information — Unexpected or odd-looking emails and URLs.

• Urgent Language — Phrases like “Act now” or “your account will be closed!”

• Poor Grammar/Spelling — Many scams originate from unprofessional sources.

• Requests for Confidential Info — No legitimate company asks for full PINs, passwords, or OTPs.

Types of Prevailing Frauds in Remittance and Currency Exchange

1. Fake Remittance Agencies Unlicensed operators collecting money without delivering transfers.
2. Currency Exchange Rate Fraud Misleading exchange rate promotions to lure customers.
3. Money Mule Schemes Fraudsters use victims to unknowingly launder stolen funds.
4. Fake ID or Account Takeover Using stolen documents to impersonate customers.
5. Payment Interception Hacking email accounts to alter payment instructions.

How to Protect Yourself?

• Use only CBUAE-licensed financial service providers.

• Enable multi-factor authentication for your accounts.

• Do not share PINs, passwords, or OTPs with anyone.

• Regularly review your transaction history and report discrepancies.

• Be cautious with public Wi-Fi when accessing financial services.

• Educate family members, especially seniors and teenagers, who are often targets.

How to Report Fraud?

We urge you to report fraudulent activities immediately, not only to protect yourself but to help safeguard others as well.

Fighting fraud begins with awareness, vigilance, and immediate action. Here’s how you can take control:

• Stay Informed – Regularly educate yourself on the latest fraud tactics.

• Be Cautious – Always verify who you’re transacting with.

• Use Secure Channels – Conduct remittance and foreign exchange through official, licensed platforms only.

• Report Suspicious Activity – Prompt reporting can help prevent further damage and aid investigations.

Common Types of Financial Fraud and Scams

• Vishing Calls Vishing (a combination of the words Voice and Phishing) is a phone scam in which fraudsters try to trick the victim into divulging personal, financial or security information or into transferring money to them.
• Investment Scams Common investment scams may include lucrative investment opportunities such as shares, bonds, cryptocurrencies, rare metals, overseas land investments or alternative energy.
• Phishing Emails Phishing refers to fraudulent emails that trick the receivers into sharing their personal, financial or security information.
• Invoice Fraud Alert!

Invoice Fraud

1. A business is approached by somebody pretending to represent a supplier, service provider, or creditor.
2. A combination of approaches can be used: telephone, letter, email, etc.
3. The fraudster requests that the bank details for a payment (i.e., bank account payee details) of future invoices be changed. The new account suggested is controlled by the fraudster.

Rental Property Scam

Victim sends money for deposit on a rental property and never receives access to the rental property. Or the victim may also be the property owner who is sent a cheque from the renter and asked to send a portion of the cheque back using a money transfer provider, and the cheque bounces.

Romance Scam

Scammers target victims on online dating websites, but can also use social media or email to make contact.

Smishing SMSs

Smishing (a combination of the words SMS and Phishing) is the attempt by fraudsters to acquire personal, financial, or security information by text message.

Anti-Virus Scam

Victim is contacted by someone claiming they are from a well-known computer or software company, stating that a virus has been detected on the victim’s computer. The victim is advised that the virus can be removed and the computer protected for a small fee, paid by credit card or money transfer. In reality, there was no virus on the computer, and the victim has just lost the money they sent for the “protection.”

Charity Scam

The victim is often contacted by email, mail, or phone by someone asking for a donation to be sent by money transfer to an individual to help victims of a recent current event, such as a disaster or emergency (e.g., flood, cyclone, or earthquake). Legitimate charity organizations will never ask for donations to be sent from one individual to another individual through a money transfer service.

Employment Scam

Victim responds to a job posting and is “hired” for the fictitious job. They are sent a fake cheque for job-related expenses. The cheque amount exceeds the victim’s expenses, and the victim sends the remaining funds back using a money transfer. The cheque bounces, and the victim is responsible for the full amount.

Fake (Counterfeit) Cheque Scam

Victims are often sent a cheque as part of a scam and told to deposit it and use the funds for employment expenses, internet purchases, mystery shopping, etc. The cheque is fake (counterfeit), and the victim is left responsible for any funds used from the cheque. Remember, funds from a cheque deposited into an account should not be used until the cheque officially clears, which can take weeks.

Grandparent Scam

This scam is a variation on the Emergency Scam. The victim is contacted by an individual pretending to be a grandchild in distress, or a person of authority such as a medical professional, law enforcement officer, or attorney. The fraudster describes an urgent situation or emergency (bail, medical expenses, emergency travel funds) involving the grandchild that needs a money transfer to be sent immediately. No emergency has occurred, and the victim who sent money to help their grandchild has lost their money.

Immigration Scam

Victim receives a call from someone claiming to be an immigration official saying there is a problem with the victim’s immigration record. Personal information and sensitive details related to the victim’s immigration status may be provided to make the story seem more legitimate. Immediate payment is demanded to fix any issues with the victim’s record, and deportation or imprisonment may be threatened if payment is not made immediately by money transfer.

Internet Purchase Scam

The victim sends money for the purchase of an item ordered online (e.g., pets, cars). Items are often advertised on Craigslist, eBay, Alibaba, etc. After the money is sent, the victim never receives the merchandise.

Tax Scam

Victim is contacted by someone claiming to be from a governmental agency saying that money is owed for taxes, and it must be paid immediately to avoid arrest, deportation, or suspension of driver’s license/passport. The victim is instructed to send a money transfer or purchase a pre-loaded debit card to pay the taxes. Government agencies will never demand immediate payment or call about taxes without first having mailed a bill.

5 Ways To Prevent Financial Fraud

1. Educate Yourself
2. Create Strong Passwords and Use Multi-Factor Authentication
3. Monitor Your Accounts/Transaction Statements Regularly
4. Protect Your Personal/Bank Account Information
5. Do not Share your Passwords, or Click on Unknown Links or respond to Unknown Emails.

Report to the Authorities:

Dubai Police

Toll-free number: 901

E-crime online platform Website: dubaipolice.gov.ae

Ministry of Interior

Toll-free number: 80050000

Email: moi@moi.gov.ae Website: moi.gov.ae

Abu Dhabi Police 

“Aman” Service Service Hotline: 800-2626

Website: adpolice.gov.ae

Report to Al Dahab Exchange:

If you suspect fraud related to our services, you can contact us directly:

Customer Service: 80032422 Email: anti-fraud@aldahabexchange.com

Address: Office 701 | Sheikha Maryam Building No P114 | Al Maktoum St | Near Baniyas Metro Stn | Baniyas Sq | Deira – Dubai | UAE

Together, we can help prevent fraud and ensure a safer experience for everyone.

Stay vigilant and report any suspicious activity immediately.

Your safety is our priority.

Thank you for choosing AL Dahab Exchange!