Fraud Prevention

How to fight with fraud?

At Economic Exchange Centre we are committed to maintaining the highest standards of integrity and security. Our organization stands firmly with you in the relentless pursuit of fighting fraud, safeguarding your interests, and ensuring that your trust in us remains unwavering.

How to identify Fraud?

Identifying fraud can be challenging, as fraudsters often employ various tactics to deceive you. Fraud can be committed in different ways,

  • Phone Calls
  • SMS
  • WhatsApp
  • Social Media
  • Email

If you encounter any of these, it is essential to be cautious and verify the legitimacy of the situation before proceeding. If you suspect fraud, report it to the following details given below:

Types of Fraud:

Email:

  • Fake email from bank claiming that the account is frozen for security reasons and that the customer should call a number found in the email.
  • The person picking up the phone will grab the customer’s details, giving the fraudsters access to the customer’s bank account/details.

Lottery:

  • Fake message from Economic Exchange Centre claiming that a person has won a certain promotion.
  • Fraudsters will require some information which they will use to access accounts.
  • These messages are being aggressively shared, and Economic Exchange Centre has been warning the public and our valuable customers against them for years.

SIM Swap:

  • Fraudsters will gather information on a certain person, either from social media or other sources.
  • They will contact service providers to gain access to a new SIM card.
  • 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.
  • They can also use the OTP to access social media or bank accounts.

Magic Ink:

  • The fraudster poses as a bank representative and comes to the victim with pre-filled documents for a credit card for example.
  • The victim fills out their account details and signs a cheque with the amount of the proposed credit card.
  • 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:

  • Businesses deal with suppliers and clients from all over the world, primarily via email.
  • Fraudsters will send links via copycat emails.
  • When the victim clicks on the link it gives the fraudster access to their computer or smartphone.
  • The fraudster can now gain access to supplier information and ask for payments or change bank details to their own.

Phone Fraud:

  • Fraudsters will pose as bank or exchange employees.
  • They will claim that your account is frozen.
  • They will ask for personal information.
  • They will connect you to an automated system that will ask for your card details and security code.

Data Privacy:

  • Emirates ID number, date of birth, bank account details and more can be breached by fraudsters.
  • Fraudsters will use this information to hack into your bank accounts, social media accounts, and more.

Report Fraud:

  • Your vigilance helps safeguard everyone. If you notice any suspicious activity, please report it promptly.

Contact us directly

Customer service number: +971522421684 Officer Phone No +97143464474

Email id riskofficer@economicexchangecentre.ae

You can also report any fraudulent activities to the local authorities:

Dubai Police 

Toll-free number 901

E-crime online platform

Najeed service - on 800151

Send SMS to 7999

How to protect yourself?

EEC will never ask to disclose any of your personal data, identification numbers or their bank account details over the phone, nor will we ask them to pay fees so they can receive their prizes.

There are some tips that will help protect you against Fraud

  • Safeguard your personal and financial information. Do not share sensitive data unless it is necessary.
  • Never send money to someone you have not met in person and confirm emergency situations are real before sending money.
  • Exercise caution with unsolicited emails, phone calls, or messages. Verify the identity of the sender before sharing information.
  • Before entering personal or financial information on a website, verify its authenticity. Look for secure website indicators (e.g., HTTPS) and avoid suspicious URLs.
  • If you suspect fraud, report it to the relevant authorities or organizations. Reporting can help prevent others from falling victim.
  • Do not click on suspicious links.
  • Confirm the credentials of the person contacting you.