UAE Central Bank has a customer protection system to regulate the relationship between customers and financial and banking service providers. The legal system in the country also provides a lot of safeguards against banking frauds.
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Dubai: It was past midnight when Fahmi received a text message in Dubai about a purchase worth Dh7,000 from a store in the United States. His credit card had been used for the purchase.

The 37-year-old Dubai-based engineer immediately knew that he had become a victim of credit card fraud as he had never travelled to the US. He called his bank and reported the scam before getting his card blocked and changing the PIN to prevent further misuse. Fahmi then filed a transaction dispute with his bank and a police complaint as well.

“The bank accepted my request to investigate the fraudulent transaction and after eight weeks, the money was returned to my card account after the bank confirmed that it wasn’t me who had used the card in America,” Fahmi told Gulf News.

However, Fahmi is not the only victim to have fallen prey to a credit card fraud. Individuals and businesses around the world have had to deal with such nightmares. The issue of cybercrime involving…

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