5 Tips to Stay Safe from Scams While Transferring Money Online in the UAE

Paying bills, sending money to family, or shopping online — online money transfer always comes in handy. But with this convenience comes risk. In 2024, hackers leaked 269 million card records and 1.9 million stolen U.S. bank checks on the dark web and public platforms. Scammers are becoming smarter. 

So, how to protect yourself? Let us guide you.

The Most Common Financial Scams in The UAE

In the UAE, most common scams include shopping fraud, identity theft, and investment scams, resulting in victims averaging 1.77 scams and high retargeting. Of these, 56% of residents encounter scams monthly, primarily through WhatsApp, phone calls, SMS, and email. 

AI-powered scams are rising, with half of respondents believing they’ve faced one, though awareness of AI-generated content is lower. Scammers often use credit cards, bank transfers, and peer-to-peer apps, with only 9% of victims recovering losses. 

Let’s understand which are the most common scams: 

• Phishing: Fraudsters send fake emails or texts that mimic trusted platforms. It tricks users into sharing login credentials or bank details.

1. Email Phishing: Scammers send fraudulent emails pretending to be from legitimate companies (e.g., banks, e-commerce sites).
2. Spear Phishing: Hackers personalise the message using information from social media or previous interactions to appear more convincing.
3. Whaling: Attackers often impersonate CEOs or financial officers to manipulate employees into transferring money or sharing sensitive data.
4. Smishing (SMS Phishing): Scammers use text messages to trick recipients into clicking malicious links or revealing sensitive information.
5. Vishing (Voice Phishing): Fraudsters make phone calls posing as legitimate entities (e.g., bank representatives or tech support).
6. Angler Phishing: Targets victims through fake customer service accounts on social media.
7. Clone Phishing: Attackers copy a legitimate email and resend it with minor alterations, replacing attachments or links with malicious versions.
8. Pharming: Involves redirecting victims from legitimate websites to fraudulent ones without their knowledge.

• Fake Payment Requests: Scammers act as vendors or acquaintances to request urgent payments. 
• Overpayment Scams: Scammers send a fake payment (often appearing as “overpaid”) and request you to refund the difference.
• Social Engineering: Manipulative tactics. Scammers build trust to access personal information or funds. 
• Investment Scams: Promises of high returns or “get rich quick” schemes often encourage people to transfer money to fraudulent accounts or wallets.

• Lottery and Prize Scams: They send messages claiming you’ve won a lottery or prize but must transfer a ‘processing fee’ or ‘tax’ to claim it.

• Parcel Delivery Scam: They send you a delivery notification about a parcel to be delivered to you and ask you to submit your details with some payment to release the parcel. 

Also, read 10 Ways Scammers Can Scam You in the UAE.

Credit Card Frauds: How They Happen

Credit card fraud is one of the most common financial crimes, affecting millions worldwide. Scammers use various tactics to steal card details and make unauthorized transactions, often leaving victims unaware until they check their statements. Understanding these fraud methods is crucial in protecting yourself from financial losses.

Types of Credit Card Frauds

Fraudsters use multiple techniques to steal credit card information, including:

• Card Skimming – A hidden device is placed on ATMs or payment terminals to capture card details.
• Data Breaches – Cybercriminals steal large volumes of credit card data from hacked retailers, financial institutions, or online stores.
• Account Takeover – Hackers access a cardholder’s online banking or e-commerce accounts to make unauthorized purchases.
• Fake Websites & Online Scams – Fraudsters create counterfeit e-commerce websites that collect credit card details when customers attempt to purchase.

• Online Shopping: Scammers often create fake online stores that look legitimate, tricking users into entering their card details.

• Unauthorized Transactions: Unauthorized transactions occur when someone gains access to your card details and makes purchases without your consent. This can happen due to lost/stolen cards, phishing attacks, or database leaks.

5 Tips to Stay Safe from Financial Frauds in UAE

Use these five tips to avoid scams while transferring money online:

Use Secure and Trusted Platforms 

Scammers often design fake websites or apps that appear authentic but are planned to steal your information or money. 

How to avoid this? Choose reputable platforms by looking for HTTPS in the URL for a secure connection. Check app reviews on trusted stores like Google Play or the App Store, and avoid unknown sources. 

Enable two-factor authentication (2FA) on your accounts for added security. It requires a second verification step, like a code sent to your phone or email, making it harder for scammers to access your data.

Some reliable platforms include PayPal, Venmo, Payit, and Zelle. Payit offers secure money transfers to over 200 countries. An offer seem too good to be true? Be cautious. A legitimate platform won’t ask for sensitive information via email or message.

Avoid Public Wi-Fi for Transactions 

Public Wi-Fi is convenient but risky; hackers can intercept sensitive information like bank details and passwords. To stay safe, avoid using public Wi-Fi for transactions and opt for mobile data instead. 

If public Wi-Fi is necessary, consider investing in a Virtual Private Network (VPN) for encryption, making it harder for hackers to access your data. VPNs typically cost around $5 per month—worth the investment for your security. Always be cautious before clicking “send” on public networks. 

Double-Check Recipient Details 

Scammers often trick you into sending money to the wrong account through fake payment requests, altered account numbers, or lookalike emails. A small typo in the recipient’s email can lead to significant losses. 

Transferring money? Always verify the recipient’s details. Double-check names, account numbers, and emails. If you receive a payment request, confirm it through a secondary method like a phone call or text. 

Be cautious of links in messages; scammers use fake URLs. Don’t rush transactions—urgency is their tactic. Always check for misspellings or unusual domains as they are red flags.

Stay Vigilant Against Phishing Attempts 

One of the most common online scams. Scammers send fake emails or messages that look like they’re from trusted platforms. Their goal? They aim to steal your login credentials or financial information. 

How do you spot phishing attempts? Look for grammatical errors, overly urgent language, and strange links. Got an email that says, “Update your account now or lose access?” Likely a scam. Hover over links. Check their real destination. If it doesn’t match the official website, don’t click. 

Monitor Your Bank Statements Regularly 

Victims of financial fraud lose an average of $1,000 before detecting it. Regularly review your bank statements to catch unauthorized transactions early.

Set up real-time transaction alerts. These notifications immediately inform you of any activity on your account. Thus, you get a chance to act quickly if something seems off. 

Spot an unauthorized charge? Report it immediately. Contact your bank to provide transaction details. Most institutions have fraud protection and may reverse the charge if reported promptly.

Summing Up

Convenience comes with conditions. A condition to be vigilant. Use trusted platforms, avoid public WI-Fi, double-check details, beware of scams, and check bank statements regularly, and you’ll minimize the chances of scams. 

Want to enjoy exclusive deals and discounts while transferring money securely? Download the Payit app now!

FAQs

Are online money transfers safe?

Online money transfers are safe when done through secure and trusted platforms with proper precautions.

Can a bank transfer be reversed?

Bank transfers can be reversed only in specific cases like fraud detection or errors.

How can you stay safe from phishing?

Avoid suspicious links, verify sender identities, and enable two-factor authentication.

How to get money back from a scammer?

Report the scam immediately to your bank. File a police report. Notify the platform used for the transaction.