On The Money | The National

Dear reader, Have you ever experienced bank fraud or been close to being defrauded? The surge in popularity of contactless payments globally has led cyber criminals to increasingly target digital wallets, leading consumers to inadvertently lose large amounts of money. I've had several consumers write to me sharing their experiences of digital wallet fraud and what's most concerning is how banks refuse to take responsibility for unauthorised transactions. Stories of digital wallet fraud are also widespread on the social media groups of finance enthusiasts. While experts call for stronger protection and better accountability between financial institutions and technology companies, consumers are advised to practise good digital hygiene and remain vigilant about transaction alerts. It's good to review your credit card and bank account transactions periodically, and keep strong and unique passwords for your financial apps. Implement spend limits on your card and also activate real-time transaction alerts. It's better to be safe than sorry! Let us know your comments by dropping an email to pf@thenationalnews.com. Have a great day! At a time when UAE resident Ambia Hoque should have been excited for her wedding, fraudsters were transferring her credit card to <a href="https://are01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.thenationalnews.com%2Ffuture%2Ftechnology%2F2025%2F02%2F20%2Ffraud-risk-rises-as-digital-payment-options-go-mainstream-experts-warn%2F&data=05%7C02%7CDNair%40thenationalnews.com%7Cd2f1ef45e6424cf312d508dd86e1d675%7Ce52b6fadc5234ad692ce73ed77e9b253%7C0%7C0%7C638815026743725862%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=L8Ob%2FuYSWx4PbCp4QFrSLnQkleiUXc%2B%2FMqkm42HRatE%3D&reserved=0" target="_blank" rel="" title="https://www.thenationalnews.com/future/technology/2025/02/20/fraud-risk-rises-as-digital-payment-options-go-mainstream-experts-warn/">their digital wallet . The 30-year-old marketing manager says her RAKBank credit card was fraudulently <a href="https://are01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.thenationalnews.com%2Fbusiness%2Ftechnology%2Fquicktake-how-mobile-wallets-like-apple-pay-work-1.810482&data=05%7C02%7CDNair%40thenationalnews.com%7Cd2f1ef45e6424cf312d508dd86e1d675%7Ce52b6fadc5234ad692ce73ed77e9b253%7C0%7C0%7C638815026743738391%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=FWzYWVcLCF6o1IBWmqTujba3L8vKOhgFEjnAfOGmx%2Fg%3D&reserved=0" target="_blank" rel="" title="https://www.thenationalnews.com/business/technology/quicktake-how-mobile-wallets-like-apple-pay-work-1.810482">registered on Apple Pay to an unknown device without her authorisation. “In the span of one hour, nearly Dh39,000 ($10,610) was drained from my account across multiple local and international transactions, which is completely out of character for <a href="https://are01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.thenationalnews.com%2Fbusiness%2Fmoney%2Fcovid-19-prompts-people-globally-to-reassess-spending-habits-and-focus-on-financial-planning-1.1172402&data=05%7C02%7CDNair%40thenationalnews.com%7Cd2f1ef45e6424cf312d508dd86e1d675%7Ce52b6fadc5234ad692ce73ed77e9b253%7C0%7C0%7C638815026743750805%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=lLvLDgdh%2B1z1sKPlv9baEpRjRqWR%2BpdjXIgzT2gH5Uo%3D&reserved=0" target="_blank" rel="" title="https://www.thenationalnews.com/business/money/covid-19-prompts-people-globally-to-reassess-spending-habits-and-focus-on-financial-planning-1.1172402">my spending habits ,” she recalls. “Distracted by wedding preparations, I did not notice the transactions immediately, but the moment I did, I <a href="https://are01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.thenationalnews.com%2Fbusiness%2Fmoney%2F2024%2F12%2F25%2Fhow-to-protect-yourself-from-payment-fraud%2F&data=05%7C02%7CDNair%40thenationalnews.com%7Cd2f1ef45e6424cf312d508dd86e1d675%7Ce52b6fadc5234ad692ce73ed77e9b253%7C0%7C0%7C638815026743763211%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=N9YtcPXWT8mqiZfytj6PRElnQMzmsJRyLZUtFYsaXHQ%3D&reserved=0" target="_blank" rel="" title="https://www.thenationalnews.com/business/money/2024/12/25/how-to-protect-yourself-from-payment-fraud/">reported the fraud to the bank and filed a police case.” The experience left her emotionally and financially shattered. 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