Phishing scam hits Mashreq Bank online customers

Businessman loses AED10,000 overnight on fraudulent Etisalat phone recharges

Tags: Banking and financeCyber crimeMashreqPhishingUnited Arab Emirates
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Phishing scam hits Mashreq Bank online customers Mashreq's online banking service has been hit by a sophisticated phishing scam, according to Gulf News.
By  Georgina Enzer Published  December 30, 2010

A Dubai-based business man was recently hit by a phishing scam through the online service of his Mashreq Bank account, according to Gulf News.

Kannaiyan Shankear woke one morning to find 20 Etisalat recharge transactions on his phone worth AED500 each. The transactions all occurred between 11.30pm and 2am on December 6 and 7, while he was asleep.

"How can they approve such series of transactions? Maybe they would approve it once or twice, but not 20 times, that too within the same hour, without seeing anything unusual," Shankear said. "If your bank balance is reduced while you're sleeping ... it's scary. There should be a better security firewall."

Each of the amounts deducted from his account, which totaled AED10,000, were credited to different phone numbers, which were no longer in service the next morning, according to Shankear. When the businessman lodged a complaint about the transactions with the bank, he was told that he was not the only victim of the scam.

However, Mashreq Bank is not going to be refunding Shankear his stolen money.

"We sympathise with Mr Shankear's case and would like to offer him all assistance to take this further with the authorities. However, as per the published MashreqOnline Banking terms, the customer is responsible for the security of his or her user ID and password," said a Mashreq spokesperson.

The businessman has since opened a case with the Dubai Police, at the request of Mashreq Bank.

"We discovered that a highly sophisticated phishing campaign resulted in Mashreq customers falling victims to an online fraud," said a Mashreq spokesperson. "Mr Shankear has access to MashreqOnline since December 15, 2009. We have retrieved several successful logins to the account, hence it is active and the customer is aware of it."

2968 days ago
josh18 Edited by

this happen to me last january 29, they took 1000aed to my account, the thing is i never open any online payment services. its good that im awake during that time and able block my online transaction. but OF COURSE THIS BANK WONT TO ANYTHING BUT INVESTIGATE AND BLAME THEIR customer.They should make it strict to buy cell cards via online coz this is the easiest way to sell for robbers. OR A BETTER Solution is CLOSE ur Mashreq ACCOUNT(like what i do), if you cannot close it just yet, call their sales rep. and ask them to DISABLE your online payment services. change ur pin regularly.

2972 days ago
Mashreq Customer

Thanks a lot guys, I have Mashreq bank account and I keep receiving such emails. I am in Tech field so I can detect small mistakes in such false emails but after reading your comments I am removing all my money from my Masreq Account... cant take any risk.

2972 days ago

Mashreq Bank sympathies is not the solution for this problem. The Banks should have a procedure to validate and authorize the transaction after getting the confirmation from the mobile of the customer. Any online transaction should at the request should send a SMS to the customer mobile and Customer needs to send back the confirmation for carrying out the transaction. Now it is the time for Banks to really study good to protect their customers and their money.

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