SECURITYUAE Bank Scam: How To Get Your Money Back

Recovering from UAE Bank Scams: Know Your Rights

If you have discovered unauthorised transactions on your UAE bank account, you are not alone. Knowing your legal protections and the right first steps gives you the best chance of recovering the money. In the UAE, Central Bank rules and cybercrime laws provide a framework for consumer protection, and financial institutions may be liable to compensate customers for losses.

The UAE Cybercrime Law, specifically Article 15 of Federal Decree Law No. 34 of 2021, imposes penalties on individuals who hack e-payment instruments, including imprisonment and fines from AED 200,000 to AED 2,000,000. Financial institutions are also obliged to run customer awareness activities about financial crime and maintain up-to-date security systems.

What to do if you are scammed

1. Call your bank immediately and block the affected card or account.
2. Report the fraud to the police through the Ministry of Interior’s eCrime platform (ecrime.ae).
3. Ask the bank to investigate and to give you its decision in writing.
4. If you are not satisfied with the outcome, escalate the complaint to the Central Bank of the UAE’s Sanadak ombudsman service.

When is the bank liable?

Financial institutions may be responsible for compensating customers for losses caused by financial crime, unless they can prove the customer was grossly negligent or acted fraudulently. This follows Clause 6.2.2.4 of the Consumer Protection Regulations for financial institutions. Sharing your one-time password, card PIN or online banking login with anyone is the most common way customers lose this protection.

Protect yourself by being cautious with online payment instruments, checking your account activity regularly and reporting any suspicious transaction to your bank right away.

Related: banks are replacing SMS OTPs with in-app approval, and fake official calls are a common way scammers try to get codes.