The UAE Central bank has issued a warning to all financial institutions that credit card details of many UAE residents have been stolen. The Central bank asked financial institutions to inform the customers to cancel compromised credit cards.
The UAE Central bank has issued a warning to all financial institutions that credit card details of many UAE residents have been stolen. The Central bank asked financial institutions to inform the customers to cancel compromised credit cards.According to circular sent by the UAE Central Bank to local and foreign banks and finance companies operating in the UAE, credit card details of approximately 250 customers got compromised.The Central bank details revealed that all the cardholders are based in Dubai. However, the issuing banks not named in the circular.The circular contains credit card numbers, email addresses and mobile numbers of the affected customers.Residents urged not to disclose credit card details and PIN numbers with shopping mall receptionists, petrol station attendants and anyone on the Internet - not even with relatives and friends. The credit cardholders are advised to change PIN numbers regularly for security reasons.
Read more on: For Sale - your Credit Card Details!"Only enter your credit card information when you are on a secure network that you trust. Moreover, remember the best way to keep your money safe is to use online payments systems such as PayPal or your credit card. Debit cards are not advisable to purchase gifts online," says John Shier, the senior security adviser, Sophos.The most common and simplest method employed by cybercriminals is that they take a famous online brand and change one or two letter to fool people into clicking and sharing personal information."Always double-check the spelling and be on the lookout for smart typo-squatting like the famous Tvvitter attack," adds Shier.According to reports, the breach is supposedly by social engineering or from the exchange of details while using at merchants and not a breach from the bank side.However, if a customer is a victim of a phishing attack, he must immediately change the password and contact the bank to see if there has been any fraudulent activity.Security Tips for Credit Card Owner
- Always make sure that you have most secure cards from the Banks that have the built-in chips and PINs. If your bank does not provide it, change your account to the ones who provide better security
- Make sure to use cards with limits that are affordable, if being stolen or misused.
- Always enter the PIN numbers in a secure manner, by yourself on the POS terminals, instead of dictating it to the cashier.
- Ensure to enable SMS and Emails alert for all transactions with your cards, and always monitor those, to timely detect any misuse of the cards.
- Review and reconcile your card statements on time to time basis, to detect any unauthorized or suspicious transactions using your cards.
- Be on alert and make sure the POS terminal devices are genuine (as much as possible) and not a suspicious one, that could be a fake device to capture your card details. Especially in places, where a retailer or the merchant is not looking very genuine, avoid using the cards. Also, validate the messages you get on your phone or email when you use the card for a transaction.