Dubai legal and financial expert Barney Almazar, who has been helping residents recover money from online scams and debt traps, was himself a victim of fraudulent transactions, but he quickly recovered his money.
In order to prevent fraudulent transactions, the onus is not only on the cardholder's side, but the card issuer should have an equally important role to play in this chain of responsibility.
To this end, banks should employ advanced fraud detection systems to proactively monitor transactions for suspicious activity, such as large or unusual purchases, and notify customers immediately when potential fraud is detected. In the near term, for individuals, here are a few suggestions for handling fraudulent transactions:
1. it is critical to notify the bank promptly when a fraudulent transaction is detected.
2. do not delete messages from the bank, such as authentication codes (OTPs) and transaction notifications.
3. keep a record of transaction disputes in case of emergency.
4. obtain a police report to confirm that a fraudulent transaction has indeed occurred.
5. if the issue is not resolved satisfactorily, also report the issue to the Central Bank for further support.