Nick Donaldson / Getty
Nick Donaldson / Getty
Nick Donaldson / Getty
Nick Donaldson / Getty

The Debt Panel: 'Hackers stole $4,300 from my credit card'


Felicity Glover
  • English
  • Arabic

I am the victim of a cyber fraud. Hackers managed to withdraw $4,300 (Dh15,791) from my credit card last December.

The transactions were made in the middle of the night from Europe while I was asleep in the UAE. As soon as I woke up and saw the transactions, I alerted my bank and they blocked the card. I also filled in a card dispute form.

However, in February, the bank told me that the transactions had been authorised with one-time passwords. I did not share any OTPs with anyone. The bank was not helpful and has since closed the case.

I even contacted the police e-crime department, but they were not able to resolve the case or return my money.

How was the OTP, which was supposed to have been sent to my registered phone number and email, accessed by the fraudsters?

What can I do next to recover my money? BK, Dubai

Debt Panellist 1: Steve Cronin, founder of DeadSimpleSaving.com

I’m sorry to hear about this, especially as I’m not sure you are going to get your money back easily.

Cyber fraud has gone through the roof and comes in a variety of forms. Some attacks encourage you to enter your card details in a fraudulent website.

Others find a way to get you to enter the OTP without realising what you are doing.

More dangerous is a SIM swap, where the fraudster convinces your phone’s network provider to send them a copy of your SIM card. This is how they could receive the OTP without you being aware of anything.

However, there are other signs of a SIM swap and providers are trying to make it harder for fraudsters to impersonate you.

These signs include: you suddenly can’t send messages or make calls, you get a message saying your SIM has been activated somewhere else, receive messages about failed log-in attempts or changes to passwords and security questions.

You may also be unable to access your account with your network provider, cannot use certain apps on your phone or notice unusual activity on your social media accounts.

You did everything right by immediately calling the bank to block the card and filling in a dispute form.

Did the fraudsters manage to get the OTP generated from the account or is this an excuse from your bank? You may never find out, but you could try to ask for proof from your bank that the OTP was sent out.

If you are unhappy with the bank’s response, you can complain to the UAE Central Bank’s Consumer Protection Unit online or in person at a branch.

You will need to inform the bank that you are unhappy with their actions and request they propose a solution within 30 days before you complain to the UAE Central Bank.

If, after 30 days, they have not responded satisfactorily, then you can make your complaint to the Consumer Protection Unit.

More and more of these cases are happening, so even if your case is not resolved, it will contribute to showing the UAE Central Bank that financial institutions need greater security processes for the authentication of card transactions.

You should also contact the merchant involved in the transactions, as they may be prepared to reverse the transaction once they know it is fraudulent.

In future, protect your email, bank and social media accounts through Two-Factor Authentication (2FA) on an authorisation app, so fraudsters can’t get access to your email or bank details.

This also removes the need for use of OTPs. You may want to get a new card provider — try to find one that authenticates payments via 2FA involving your face or thumb on your mobile, rather than using OTPs. As you have discovered, OTPs are not very secure at all.

Finally, keep your card limit low so you won’t lose too much if your card is hacked again.

Debt Panellist 2: Carol Glynn, founder of Conscious Finance Coaching

I'm sorry to hear that you've been a victim of cyber fraud.

It sounds like you've already taken some steps to address the issue, such as alerting your bank, filling in a card dispute form and contacting the police e-crime department.

However, since the bank has closed the case and you haven't been able to recover your lost funds, there are a few additional steps you could take.

These include contacting your bank again and requesting a detailed investigation into the unauthorised transactions.

You could also ask for clarification on how the transactions were authorised with OTPs without your knowledge or consent.

Watch: What is cyber crime and how can I protect myself online?

Ask for evidence, such as transaction logs or IP addresses, to determine the source of the fraudulent transactions.

As a precautionary measure, change your online banking password, PIN and any other account credentials associated with your credit card.

Choose strong, unique passwords that are not easily guessable and enable 2FA wherever possible.

There are regulatory authorities and consumer protection agencies that oversee financial institutions.

Consider filing a complaint with the UAE Central Bank to escalate the issue and seek their assistance in resolving the matter.

You will need to have evidence you submitted a formal complaint to your bank and 30 days have elapsed without a satisfactory resolution.

It's important to stay persistent and proactive in your efforts to resolve the issue.
Carol Glynn,
founder of Conscious Finance Coaching

You could also consider seeking legal and financial advice from professionals who specialise in cyber fraud or consumer protection.

They may provide you with guidance on your rights, options and steps to take to recover your lost funds.

Recovering lost funds from cyber fraud can be challenging — and it may take time and effort.

It's important to stay persistent and proactive in your efforts to resolve the issue.

Remember to document all your interactions with your bank, regulatory authorities and other relevant parties, and keep copies of any relevant documents or evidence as you may need it later.

The Debt Panel is a weekly column to help readers tackle their debts more effectively. If you have a question for the panel, write to pf@thenational.ae

The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

Dust and sand storms compared

Sand storm

  • Particle size: Larger, heavier sand grains
  • Visibility: Often dramatic with thick "walls" of sand
  • Duration: Short-lived, typically localised
  • Travel distance: Limited 
  • Source: Open desert areas with strong winds

Dust storm

  • Particle size: Much finer, lightweight particles
  • Visibility: Hazy skies but less intense
  • Duration: Can linger for days
  • Travel distance: Long-range, up to thousands of kilometres
  • Source: Can be carried from distant regions
COMPANY%20PROFILE%3A
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Envision%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2017%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EKarthik%20Mahadevan%20and%20Karthik%20Kannan%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20The%20Netherlands%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Technology%2FAssistive%20Technology%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%241.5%20million%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2020%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Seed%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%204impact%2C%20ABN%20Amro%2C%20Impact%20Ventures%20and%20group%20of%20angels%3C%2Fp%3E%0A
Financial considerations before buying a property

Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.

“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says. 

Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.

Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier. 

The Freedom Artist

By Ben Okri (Head of Zeus)

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
SPEC%20SHEET%3A%20APPLE%20IPAD%20(2022)
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2010.9-inch%20Liquid%20Retina%20IPS%20LCD%2C%202%2C360%20x%201%2C640%2C%20264ppi%2C%20wide%20colour%2C%20True%20Tone%2C%20Apple%20Pencil%201%20support%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EChip%3A%3C%2Fstrong%3E%20Apple%20A14%20Bionic%2C%206-core%20CPU%2C%204-core%20GPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStorage%3A%3C%2Fstrong%3E%2064GB%2F256GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPlatform%3A%3C%2Fstrong%3E%20iPadOS%2016%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%3A%3C%2Fstrong%3E%2012-megapixel%20wide%2C%20f%2F1.8%2C%205x%20digital%2C%20Smart%20HDR%203%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%204K%20%40%2024%2F25%2F30%2F60fps%2C%20full%20HD%20%40%2025%2F30%2F60fps%2C%20slo-mo%20%40%20120%2F240fps%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%3A%3C%2Fstrong%3E%2012MP%20ultra-wide%2C%20f%2F2.4%2C%202x%2C%20Smart%20HDR%203%2C%20Centre%20Stage%3B%20full%20HD%20%40%2025%2F30%2F60fps%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAudio%3A%3C%2Fstrong%3E%20Stereo%20speakers%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBiometrics%3A%3C%2Fstrong%3E%20Touch%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20USB-C%2C%20smart%20connector%20(for%20folio%2Fkeyboard)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%20Up%20to%2010%20hours%20on%20Wi-Fi%3B%20up%20to%209%20hours%20on%20cellular%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFinish%3A%3C%2Fstrong%3E%20Blue%2C%20pink%2C%20silver%2C%20yellow%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20iPad%2C%20USB-C-to-USB-C%20cable%2C%2020W%20power%20adapter%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Wi-Fi%20%E2%80%94%20Dh1%2C849%20(64GB)%20%2F%20Dh2%2C449%20(256GB)%3B%20cellular%20%E2%80%94%20Dh2%2C449%20(64GB)%20%2F%20Dh3%2C049%20(256GB)%3C%2Fp%3E%0A
Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

UAE currency: the story behind the money in your pockets
Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Seven tips from Emirates NBD

1. Never respond to e-mails, calls or messages asking for account, card or internet banking details

2. Never store a card PIN (personal identification number) in your mobile or in your wallet

3. Ensure online shopping websites are secure and verified before providing card details

4. Change passwords periodically as a precautionary measure

5. Never share authentication data such as passwords, card PINs and OTPs  (one-time passwords) with third parties

6. Track bank notifications regarding transaction discrepancies

7. Report lost or stolen debit and credit cards immediately

23-man shortlist for next six Hall of Fame inductees

Tony Adams, David Beckham, Dennis Bergkamp, Sol Campbell, Eric Cantona, Andrew Cole, Ashley Cole, Didier Drogba, Les Ferdinand, Rio Ferdinand, Robbie Fowler, Steven Gerrard, Roy Keane, Frank Lampard, Matt Le Tissier, Michael Owen, Peter Schmeichel, Paul Scholes, John Terry, Robin van Persie, Nemanja Vidic, Patrick Viera, Ian Wright.

What is the FNC?

The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning. 
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval. 
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
 

COMPANY PROFILE

Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed 

LIST OF INVITEES

Shergo Kurdi (am) 
Rayhan Thomas
Saud Al Sharee (am)
Min Woo Lee
Todd Clements
Matthew Jordan
AbdulRahman Al Mansour (am)
Matteo Manassero
Alfie Plant
Othman Al Mulla
Shaun Norris

Updated: April 13, 2023, 5:00 AM`