Millions stolen from UAE bank customers in ATM scam

UAE Central Bank to urge banks to update their ATM machines after gang arrested by Dubai police
Millions stolen from UAE bank customers in ATM scam
By Staff writer
Tue 21 Oct 2014 01:09 PM

A gang of Eastern Europeans has been arrested by police in Dubai on suspicion of stealing millions of dirhams from ATM customers in the UAE.

7Days newspaper reported that police arrested the gang after uncovering their elaborate scam that involved placing sophisticated stickers inside the card reader to copy the numbers on the card. The gang also installed mini cameras to scan the pin number being entered. The gang were then able to make duplicate cards and spend large sums of money.

Dubai Police, who arrested the gang of four operating in the UAE, have estimated that the criminals managed to withdraw up to AED5 million ($1.36 million) from cash machines across the country.

Abdullah Rashid, head of anti-economic crimes at Dubai Police, told 7Days that nine customers reported the scam, with some becoming aware of the scam when they received text messages from the bank saying money had been withdrawn.

UAE Central Bank will now urge banks to ensure their ATMs are replaced with modern, anti-theft machines.

The four Eastern Europeans arrested have been referred to Dubai Public Prosecutions.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.