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Fraud Awareness / Prevention

Prevent and Fight Fraud

At Reems Exchange, we are committed to combat fraud and prevent criminals from utilizing

our resources to victimizing our customers. We train our staff and take advantage of the

latest technology to catch fraudulent activities.

Learn how fraudsters operate:

For example fraudsters send fake messages to their victims claiming that they won large cash

prizes through:

  • - E-mail
  • - WhatsApp
  • - Phone calls
  • - SMS
  • - Social media

Fraudsters ask their victims’ for their personal data (bank account information, sharing OTP, etc.) to receive their prize money. They use these details to gain access to the victims’ accounts and steal their money. These fraudsters will tell their victims not to share the details of their prizes (to make it look legitimate) with anyone for maintaining privacy and confidentiality.

Another method used by some Fraudsters is to instruct their victims to send money to different locations or different bank accounts before they can claim their prize.

Protect yourself:

Reems Exchange, we recommend following the below mentioned points to protect oneself:

  • - Remain vigilant and do not share personal details with anyone.
  • - Confirm the credentials of the person contacting you.
  • - Never send money to unverified sources.
  • - Don’t click on suspicious links
  • - Report suspicious activities to the relevant authorities immediately.

Types of Fraud:

  • Email:

o    Fake email from the bank claiming that the account is frozen for security reasons and the customer needs to call the number mention in the e-mail.

o    The person answering the phone will take the customer’s information which will give them access to the customers bank account details.

  • ATMs:

o    Small camera placed above the keypad to gain access to a user’s PIN

o    Fake keypad placed above the actual keypad of the ATM to get user’s PIN

o    Device placed above the card reader in the ATM that will scan the front and back of the card, giving the fraudster access to the card number and 3-digit security code

  • SIM Swap:

o    Fraudsters will gather information on a certain person, either from social media or other sources and then contact service providers to gain access to a new SIM card

o    They will make payments using the victim’s card and use the new SIM to gain access to the One Time Password (OTP) sent through SMS to authenticate the transaction

o    They can also use the OTP to access social media or bank accounts

  • Magic Ink:

o    The fraudster poses as a bank representative and comes to the victim with pre-filled documents for a credit card for example

o    The victim fills out their account details and signs a cheque with the amount of the proposed credit card

o    The fraudster uses heat to remove the ink of the cheque without removing the signature and therefore they have all the account details and a blank cheque issued from the victim’s bank and signed

  • Fund Transfer:

o    Fraudsters will send links via copycat emails

o    When the victim clicks on the link it gives the fraudster access to their computer or smart device

o    The fraudster can then gain access to supplier information and ask for payments or change bank details to their own

  • Phone Fraud:

o    Fraudsters will pose as bank employees

o    Will claim that your account is frozen for security reasons

o    Will ask for personal information

o    Will connect victim to an automated system that will ask for the victims card details and security code

  • Data privacy:

o    Emirates ID number, date of birth, bank account details and much more can be breached by fraudsters through various means

o    Fraudsters will use this information to hack into your bank accounts, social media accounts etc.

Report fraud:

We urge everyone to report fraudulent activities, to protect oneself and others also.

To report any fraudulent activities please contact:

Dubai Police 


You can also report Fraud to Reems Exchange:

Customer service number: 04-235-0007

Email: info@reems.ae

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