In recent weeks, a surge of reports from UAE residents regarding fraudulent credit card transactions has brought attention to potential vulnerabilities in the banking sector's security protocols.

A report detailing the experience of a Dubai-based surgeon, whose credit card was used for unauthorized purchases while she attended surgeries, has prompted a wave of similar complaints from individuals across the region.

Affected residents state that their credit cards have been charged without consent, often with no notification system like one-time passwords (OTPs) in place.

Many victims report enduring significant financial consequences, including legal notices and unmanageable debts.

One individual, a schoolteacher, recounted losing AED 35,000 while commuting.

Similarly, a cybersecurity consultant described being defrauded of AED 18,230 through a deceptive online promotion that appeared to be legitimate.

Victims express frustration over the lack of protection from their banks, with some claiming they had not engaged in unsafe online behavior, yet found themselves victims of fraud.

Cybersecurity professionals have echoed these concerns, questioning the reliability of banking institutions’ anti-fraud measures.

One consultant highlighted instances where fraud was detected by banks but not acted upon, suggesting a failure to adequately protect customers.

A Dubai resident indicated that his credit card had been used for an unauthorized transaction of AED 17,980 while he was occupied with personal responsibilities.

Although he reported the fraud, he was told that the transaction was made in a 'secured environment' and he was nonetheless liable for the charges.

Legal experts weigh in, emphasizing that banks have a legal obligation to protect customer data and rectify unauthorized transactions.

They noted that the Central Bank of the UAE provides mechanisms for consumers to escalate grievances against banks that fail to respond adequately.

The UAE's financial sector has been recognized as a target for cybercrime, with a report indicating that it accounted for 21% of cybersecurity incidents in the region.

The government estimates approximately 50,000 cybersecurity threats occur daily, including various forms of online fraud.

In light of these challenges, cybersecurity experts are urging banks to improve their systems and adopt more robust fraud detection measures, suggesting that artificial intelligence and machine learning could play a key role in identifying fraudulent activities before they result in losses for consumers.

As these experiences gain visibility, banks have stated their commitment to investigating claims of fraud thoroughly.

They continue to remind customers to remain vigilant and protect their financial information.

However, the increasing volume of complaints raises significant questions about the adequacy of current protections against fraud in the UAE's banking system.