8 steps to protect your bank accounts from fraudsters, by UBF:

There have been many complaints that people have registered regarding the fraud transactions these days. So, UAE Banks Federation(UBF) has suggested few important steps which can be useful in protecting one’s bank account.

UBF is UAE Banks Federation which represents 49 banks in UAE. It is an organization that supports banks interests and welfare of the banking sector. All the top leading banks are part of UBF. So UBF has taken an initiative of getting rid of the cons that are happening with the banking industry, where customers are experiencing a huge loss.

UBF wants to make it clear that never will a bank call or email its customers asking for passwords or any other account details. Whatever it is related to your bank account, the account holder will be asked to come in person to the bank. If one gets a call or message asking for any bank account details, then it must be a fake call. Look at these security measures to be taken to protect your bank account.

Eight security measures recommended by UBF are:

  • Never disclose your passwords
    – Telling your password to anyone is a highly risky thing to do.
  • Never share your account details on Call, Message or E-mail.
    – You take a huge risk when you share your details over phone, SMS, email etc. Doing so means you’re giving out a free invitation to people to use your bank account like their own. What else, there may be other people than the recipient as well who might access your account.
  • Never share your personal information in response to any E-mail pretending to be your bank
    No bank ever calls/texts/emails any of their customers asking for their account details. Remember, every such mail is a phony no matter how convincing.
  • Check your monthly statements
    – Keep a track on your statements regularly so that you may keep looking at the way money is flowing in and out of your account. The moment you see anything uncanny, contact the bank right away.
  • Make sure your bank has your right personal details
    – Bank asks only for minimal personal information so that they can ensure you are a genuine customer and can prevent anyone else to operate your account pretending that it’s you. Always provide the proper details to the bank.
  • If you get a message about your password or any other details which you have not asked for, then quickly report it to the bank
    – As told earlier, no authentic person will ever contact you regarding any disclosure of passwords and confidential details. Whenever contacted with any such communication, report to the bank right away.
  • Be careful while you use internet banking facilities using a free WiFi
    Using unsecured Wi-fi connections is highly risky. Not just for your privacy, but also for your data. Try to avoid using any open wifi networks for the financial transaction; people may be able to read the data being sent over such networks.
  • If using internet banking facility make sure your device has updated genuine anti-virus software
    – As a safety precaution, use a trusted anti-virus software that keeps a check on any background processes trying to send data without your explicit permission.

Keep these simple principles in mind while dealing with any bank account related works. These precautions have been sent out by the UBF in public interest. There are many people all over the world who are trying to cause frauds in order to gain quick cash. By the time they are nabbed by the police of their countries, we can take certain precaution to not let them loot us.

On a serious note, online fraud is a serious threat to our financial freedom and monetary security for the common people all over the world. Never let anyone disclose anything to anyone, and stay safe from scams.

Meet the author
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Nikitha is a Senior Analyst at MyMoneySouq.com. She has been writing about personal finance, credit cards, mortgage, and other personal finance products in the UAE. Her work on Mortgage loans has been featured by the GulfNews and other popular Financial Blogs in the UAE.






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