Fraud in Dubai
The emirate has witnessed high-profile fraud cases worth millions of dollars in the last year.
June 23, 2009 12:54 by Aarti Nagraj
According to Dubai Customs, officials at the Dubai airport seized over 5,000 items used in ATM card fraud in the first quarter of 2009. They found 11 separate instances of people trying to bring ATM cards, machines used to replicate cards and electronic chips, all of which, according to officials, are used in banking embezzlement and fraud.
According to a survey conducted by international audit and advisory firm KPMG last year, 60 percent of respondents believe that fraud will increase in the GCC over the next two years. “The current financial crisis that the world is experiencing is creating an environment where the risk of fraud will increase as businesses come under pressure to show results. Likewise, individuals will also be tempted where costs are rising and income levels are flat,” said Colin Lobo, partner forensic services at KPMG.