Seven minutes, that’s all the time a fraudster took recently to convince an Emirati over the phone to share confidential data to update information with his bank.

Initially, he was hesitant, but later the confident tone of the imposter hardly left any room for doubt according to the person duped. A number of studies in developed markets have shown that surprisingly it is often the educated people and those with experience in investing who end up becoming victims of scams.

Investigations are in progress, but this fraudulent incident sheds light again on the need to remain alert and not share sensitive information or data with anyone.

Common ways to fool people

– Phishing: This is when people are contacted primarily through emails posing as a legitimate institution to lure individuals into providing sensitive data such as personally identifiable information, banking, and credit card details, and passwords.

Voice phishing (also known as vishing): It’s a…

Read more…