What is a current account?
A current account is an account with no interest; it may be opened with all major currencies with the option of issuing a checkbook. This account has the flexibility of depositing and withdrawing easily and the facility of using a check book. A debit card is offered with this account.
What is a savings account?
A savings account provides customers with interest depending on their balances. There are several types of savings accounts with different features and benefits to meet your needs. Some account types may be opened in all major currencies. A debit card is offered with this account. No checkbook is offered with this account type.
What is a standing order?
A standing order is an instruction to a bank by an account holder to make regular fixed payments to a particular person or organization. This service is provided to customers for a fee. Fees differ depending on the type of standing order, whether it is being made to a person or an organization.
What is a term deposits account?
A term deposit is an account where you deposit a certain base amount - it will provide you with higher interest rates than a savings account but imposes conditions on the amount, frequency, and/or period of withdrawals.
What are bank fees and charges?
The term bank charges covers all charges and fees made by a bank to their customers with regards to certain services and products. These charges may take many forms such as monthly, annual or once a customer initiates a transaction or requests a service.
Can my checks be of any size or are there guidelines around standard check sizes?
Only checks meeting the standard size requirements will be accepted for processing. Checks should either be 20.3 cm x 7.6 cm or 22.8 cm x 8.9 cm.
Are there any specific security features that I need to adhere to?
Checkbooks issued by NBK UAE comply with all security features and these include:
• Type of paper used which does not allow for checks to be photocopied
• Special type of ink
• Watermark as part of the checks
• UV Logo
I am the beneficiary of a non-standard check from someone else. What do I need to do?
Please contact the individual who has provided you with this check and request that they provide you with a new standard check. Soon, it will not be possible to process this check at any local bank.
What is a debit card?
A debit card is a form of payment where the customer can purchase an item using money that is deposited in his bank account without the need to withdraw it in cash.
Who is eligible for a debit card?
All customers that currently hold an active account with the bank qualify for a debit card. In the case of a new customer, they will receive a debit card instantly when opening the account at the branch.
Where can I use my NBK Debit Card?
The NBK Visa Debit Cards give direct access to your account and can be used at millions of locations worldwide at ATMs, point of sales etc.
What is a credit card?
A credit card is a form of payment where you can make purchases using borrowed money from the bank. This amount can be paid at a later date.
How do I pay back money owed on my credit card?
There are two ways to pay for the credit card: in monthly installments or one full payment. Paying in monthly installments will have extra charges associated that are called “flexible payment fees.” Paying the full amount is free and no extra charge is required.
What is the difference between a credit card and a debit card?
The main difference is that using your debit card will directly reduce your account balance. Paying with your credit card doesn’t and you have more payback flexibility.
Where can I use my credit card?
You can use your credit card internationally or locally using ATM machines to withdraw cash, at points of sales that accept credit card payment, or online if a merchant accepts credit card payments.
Is it safe to use my NBK Credit Card?
Absolutely! All NBK Credit Cards have chip for extra security which complies with EMV standards. In addition, NBK Visa credit cards support NBK Secure Shopping. This is an added layer of security when using your credit cards online.
What fees are associated with credit cards?
Generally, your relationship officer should discuss the fees for your specific card with you. You should be aware of the yearly fee of the credit card, the monthly flexible payments fee, the overdraw fees, cash advance fees and late payment fees.
Can I monitor my credit card usage?
Yes, you can monitor your credit card usage either by requesting a credit card eStatement, a printed statement copy in branch, calling the NBK Call Center. It is important to know the remaining balance before making a purchase, as making a purchase for an amount greater than your balance could result in a denied transaction. When making a purchase, be sure to record the amount and make note of your new balance.
What if my card is expired?
If your card has expired, you have no returns to make and there is no remaining balance on the card, you may destroy the card.
What documents do I need to apply for a loan?
To apply for a loan you would need to provide the following documents; a salary certificate or proof of income, passport, civil ID, account statement of the last 6 months and a liabilities certificate.
Is there a loan processing fee?
Yes. The processing fee is 1% of the loan amount.
Does my salary have to be transferred to NBK UAE?
Yes, salary should be transferred. May be considered on a case-by-case basis.
Can I settle the loan earlier than maturity?
Yes. Early settlement charges would be 3% of the loan outstanding, for the first three years and nil charges thereafter.
Can I apply for a loan for a property/land that is incomplete?
No, financing is only available for fully completed properties only. However, it is available in London and subject to condition.
Does NBK UAE offer any other real estate services?
Yes, depending on the country, some of the services are; property search services, registration of property (buying or selling), facilitation of property evaluations, renewal of leases.
Will the property be registered under my name or the bank’s name?
The property will be registered under your name, however mortgaged under the bank’s name.
How frequent are the installments?
Installments are usually monthly, however some locations may be quarterly installments.
Is there a minimum salary requirement to apply for a loan?
Yes. The minimum salary depends on the country you are applying for. Contact NBK UAE on +9714 3161700 or visit your local branch on how to find out more information.
1. What is a money market fund?
A money market fund's purpose is to provide investors with high level of liquidity by investing in diversified and high quality money market instruments. It is a type of mutual fund characterized as a low-risk investment.
2. What is an equity fund?
An equity fund is a mutual fund that invests mainly in stocks. Equity funds are also known as stock funds.
3. Is NBK Capital part of NBK?
NBK Capital is part of the NBK Group and is a subsidiary of NBK.
Letters of credit
How do I apply for the issuance of an import letter of credit?
Liaise with your NBK Relationship Officer about your needs. To support the issuance of an import letter of credit, you will have to set up a line of credit. Once approved, complete the application for an irrevocable documentary credit and bring it to your NBK Relationship Officer.
If you require assistance in completing the application, you may our Trade Finance division.
What is the uniform customs and practice for documentary credits (UCP)?
The uniform customs and practice for documentary credits (UCP) is a set of recognized and internationally accepted rules for documentary credits published by the International Chamber of Commerce (ICC) in Paris, France. These rules are used in the international trade community for determining the roles and responsibilities of all parties involved in letters of credit, including standby letters of credit, where the letter of credit expressly stipulates that it is subject to the UCP.
What are the risks to the buyer in an import letter of credit?
Under an import letter of credit, the bank promises to make payment to the seller against the seller's presentation of pre-specified documents. However, it does not provide the buyer with protection if the seller presents documents that comply with the letter of credit but later prove to be fraudulent. If all appropriate documents are presented to the bank in absence of clear fraud, the bank will not be able to refuse payment should a dispute arise between the buyer and seller.
To reduce this risk, a buyer should thoroughly investigate prospective sellers. Our Trade finance experts will assist you in compiling this information using public information available from their global contacts.
In what situations would I use a standby letter of credit?
A standby LC provides security to a beneficiary in that promises to pay the beneficiary upon presentation of pre-specified documents. The following are some instances where standby letters of credit are used:
- The buyer to purchase goods without having to make a cash deposit
- Performance related during the tender process of a contract
- Support contractual / payment obligations
Can a standby letter of credit be cancelled prior to expiry?
Yes. A standby letter of credit can be cancelled prior to expiry by having the beneficiary return the original standby LC to the Trade Finance division along with a letter printed on the beneficiary’s letterhead, addressing their agreement to the standby letter of credit cancellation.
What are standard charges to issue letters of credit?
The commission rate is based upon the risk assumed by collateral and your financial strength.
Commission is collected at the time of issuance of the letter of credit.
Other charges may include correspondent bank charges and expenses incurred by relating to the letter of credit such as courier, swift charges, etc.
What is a sight letter of credit?
A letter of credit that is payable once it stipulated documents are present and document has no discrepancies.
What is a transferable letter of credit?
The first beneficiary (often a middleman) transfers his rights to a second beneficiary (normally the producer or ultimate seller). According ICC rules, article 38(b), an LC can only be transferred if the issuing bank expressly designates it as transferable. Only the nominated bank or a bank authorized by the issuing bank may transfer the DC.
What kind of documents should we require under the letter of credit?
In order to receive payment, the exporter must present the documents stipulated in the letter of credit. There are no requirements for specific documents to be presented in an LC. The list and form is open to negotiation by the seller and the buyer, and sometimes the LC contains requirements to present documents issued by a neutral third party evidencing, for example, the quality of the goods shipped or their place of origin. As a proof that goods have been shipped, the LC often requires some kind of transport document to be presented, for example bill of landing or airway bill. Please see our checklist specifying the most common documents required under a DC presentation under an export documentary credits (DC).
Where should I send the import letter of credit application?
Send the application to NBK Office.
When will we receive payment under the letter of credit?
As per the agreed terms between buyer and seller, the period of credit is decided in the LC. Based on that period of credit, the time to effect payment by the opening bank (buyer's bank) is determined.
Am I sure to receive payment when I have a confirmed LC?
Yes, if you have presented correct documents and if has confirmed the LC you can be sure to receive payment at the time of maturity. If the LC is without confirmation you will receive funds when the Issuing bank effects payment.
What is a reimbursement bank?
It is the bank designated in the LC to reimburse the nominated bank. Thus it is the bank where the issuing bank maintains an account for the designated currency. The nominated bank will claim funds from the reimbursing bank after having accepted the documents.
Who has the documents forwarding risk with or without discrepancies?
If the documents are clean (without discrepancies), the exporter has the risk on the issuing bank. If the documents are discrepant, the seller has the risk on the buyer who has the option to waive the discrepancies or refuse documents.
What are the consequences if I deliver documents with discrepancies?
The buyer might refuse to pay, and you may have to sell the goods to another buyer. If the goods, for example, are custom made it can be difficult to find a new buyer.
When is the issuing bank no longer obligated to honour the claim?
If LC has already expired and documents presented are discrepant and not accepted by the applicant.
Under LC, How much will be the insurance cover?
If the LC does not state the amount of insurance, the insurance document must cover at least 110% of the invoice amount (CIF/CIP value).
What is transhipment and partial shipment?
Transhipment is taking shipment from one mode of transport to another during the goods transportation route. Partial shipment is when you ship the goods more than once.
If the payment term is cash against documents (i.e. export collection), how can I as an exporter gain control over my goods and secure payment?
The idea with the documentary collection is that the goods remain in your control until the buyer has paid and received the documents. To achieve this, remember to put the collecting bank (buyer's bank) as consignee of the goods in the transport documents.
What is an aval?
An aval is a joint commitment by the principal debtor and a third party (normally a financial institution) to make payment of an obligation in favour of the beneficiary. The third party commits itself for the full credit amount in the event that the principal debtor does not fulfill his obligation by the due date.
Letters of guarantee
What are URDG?
The uniform rules for demand guarantees, developed by the ICC, are used by banks and businesses across continents and industry sectors. A demand guarantee is an independent undertaking where guarantors are assured that their commitment is subject to its own terms.
What is required to issue a guarantee?
A bank guarantee request has to be approved by the bank. Normally you get an offer letter for a specific guarantee or you will get an offer letter for a guarantee facility up to a certain limit. As a customer you must provide us with at least the following information: Name and address of debtor/principal, Name and address of beneficiary, Guarantee amount, Expiry date, What the guarantee is related to (e.g. the underlying contract) and Type of guarantee (e.g. performance, payment or advance payment).
What is the price for a guarantee?
The pricing of a guarantee depends on: The amount and length of the guarantee, the type of guarantee, what kind of security the bank receives, the general market situation and the specific situation for your line of business.
How do I claim guarantee?
A claim is brought against the guarantor when the beneficiary believes the principal has defaulted with the underlying conditions covered by the guarantee. The claim must state: a reference to the guarantee in question, how the principal has defaulted on the underlying agreement covered by the stated guarantee, and if possible documentation: the amount claimed under the guarantee and to which account the money should be credited.
How long time it will take to be paid after claim has presented i.e. when will the bank pay?
Payment will depend on if the guarantee is an accessory or demand guarantee. A demand under an accessory guarantee will be paid when one of the following conditions is true: amicable agreement (e.g. the principal accepts the demand), final judgement in court or arbitration award. Payment under a demand guarantee will depend on the wording of the guarantee, describing what must be presented and when payment should be made.
What documentation does NBK UAE need to cancel a guarantee with an open-ended date?
If the guarantee is open ended (i.e. no expiry date), we need either the original guarantee document returned to us or that the beneficiary in writing states that NBK UAE is released from our obligations.
How can I check if my NBK Online Banking session is secure?
Look for the padlock icon located in the lower right corner of your browser window. A closed or locked padlock indicates a secure connection. Look for the letter “s” at the beginning of the URL address, i.e. https:// – "s" stands for secure.
How do I sign up to NBK Online Banking?
Select "NBK Online Banking" on NBK.com and then click on "Join" and follow the easy online instructions to enroll to "NBK Online Banking Security Key" to access your account online.
How do I login to my account on NBK Online Banking?
If you haven’t signed up for a “NBK Online Banking Security Key,” you need to enroll first. To login to your account, you need to answer a security key question and make sure that the selected image matches the phrase, then enter your NBK Online Banking password to login successfully.
What do I do if I’ve forgotten my password?
Click on “Forgot password”.
Fill out all the necessary details. Then, click “Submit.”
Select your preferred way to receive the one-time-password: via email or SMS.
How do I activate my account?
- Login to NBK Online Banking
- Go to the “Balance information” page
- Click on the link for “Account activation” – you will then receive a request to contact NBK Call Center at +9714 3161700
- Enter your debit card number and select to talk to an agent
How do I get confirmation that my account has been activated successfully?
You will receive a confirmation SMS message on your mobile confirming successful activation.
How can I cancel the NBK Online Banking activation and go back to limited access?
You can contact NBK Call Center at +9714 3161700 and request to cancel the activation.
What can I view on the "Balance Information" page?
You can check your account statement from the date you opened the account and track your credit card purchase history (up to 2 years) with an easy download facility to Microsoft Excel, Microsoft Word and PDF. You can also keep track of your loan and funds details on an ongoing basis.
If I have NBK accounts in more than one branch, will I be able to see them all on NBK Online Banking?
To view all you NBK accounts (which were opened in different NBK branches), you will need to request that your branch links all of your accounts.
What types of transfers can I make online?
You can conduct international or local transfers as well as set up a Standing Order for your recurring payments.
How will I receive the OTP?
You will receive the verification code by SMS at the mobile number registered to your NBK Account. If your number has not been updated, you will have to visit a branch to update it, in order to receive the code successfully.
How do I input the OTP?
The OTP consists of 6 alphanumeric characters that will be sent to your mobile number. You input the OTP in the field that appears once you click “Pending Beneficiary.”
What is the maximum number of beneficiaries I can have?
The maximum number should not exceed 200. If you have reached the maximum number of beneficiaries and wish to add a new one, you will need to delete any beneficiary record and add the new ones.
How do I create a new beneficiary?
Simply follow these steps to create or update your local and international beneficiaries:
- Login to NBK Online Banking
- Click on “Transfer Funds”
- Select “Add Local Beneficiary” or “Add International Beneficiary”
- Complete all the required beneficiary’s details, then click on “Submit”
- A code will be sent to your mobile by SMS. The code consists of 6 alphanumeric characters*
- A pop-up message will be displayed on your screen to confirm the beneficiary creation/update. Click on “Submit”
- You will be directed to the beneficiaries’ list. Click on the “Pending Beneficiary” that is under “Action” to enter the code that is sent to you on your mobile
- Enter the verification code, then “Verify” to activate the beneficiary**
- You will be returned to the beneficiaries’ list page and you will be able to make transfers to this beneficiary
*If you have changed your mobile number, please visit the nearest NBK Branch to update your details
**In this step, you can also delete the beneficiary by clicking on “Delete” or request a new verification code by clicking on “Resend verification code”
Will I be notified of my transfer and new beneficiary?
NBK UAE will be sending you an immediate SMS notification upon creation of a new beneficiary.
Can I use NBK Online Banking to transfer money from my credit card to my account?
Yes. You can transfer funds from your NBK Credit Cards to your primary account online.
How can I open an account online?
You can set up the account instantly online by transferring from UAE accounts only and you will be able to view your new account details on your "Balance information" page.
What should I do if my mobile number is not up to date?
To update your phone number, you need to visit the nearest NBK Branch or update it through NBK Online Banking*.
*To be able to update the mobile number through NBK Online Banking, you need to have your old mobile number with you to receive the verification code to complete the update process.
How do I know that NBK Online Banking is secure?
For your peace of mind, NBK UAE has implemented state-of-the-art online banking security – by registering for the NBK Online Banking Security Key you can be assured that your personalized online banking is protected.
The NBK team recommends that once you complete your registration that you register your computer – this provides you added protection.
What is NBK Mobile Banking?
NBK Mobile Banking is a term used for performing financial transactions, such as balance checks, account transactions, payments, etc. via a mobile device either offered by SMS or smartphones. NBK Mobile Banking first started with SMS, but with the introduction of smartphones to the market, users tend to download applications (apps) on their smartphone devices and start using them.
The NBK Mobile Banking App:
- Enables users to check, access, and use their existing financial accounts
- Allows users to check balances and latest transactions
- Lets users pay bills and Transfer Funds
- Performs transactions fast, easily, and securely
All in one quick view!
Why do I need NBK Mobile Banking?
Convenient and secure, NBK Mobile Banking enables you to fulfill your banking needs on the move. No need to come to branch and queue, order checkbooks or inquire about your account balance and statements. NBK Mobile Banking gives you updates on the spot, without the need to go to an ATM or log online.
On what device can I use the NBK Mobile Banking App?
NBK UAE has developed custom application for iPhone, iPad, iPod Touch, Android and Blackberry.
How is NBK Mobile Banking different from NBK Online Banking?
Our application is made specifically for smartphones to have a better experience. With one touch access to login, easy menu navigation, and GPS-powered location information and more.
How does NBK UAE protect my information on NBK Mobile Banking
- NBK UAE will not ask you to store your username or password. You will need to enter your password every time you login to access your account
- No personal information is stored on your phone while using NBK Mobile Banking
- First enrollment will be through NBK Online Banking to insure validity
- New beneficiaries should be created through NBK Online Banking to show on the Mobile Banking application
How do I download the mobile application for iPhone, iPad, & iPod Touch?
Our iPhone application is available for free and can download from:
iTunes App Store
How do I download the NBK Mobile Banking App for BlackBerry?
Our Blackberry application is available for free and can be downloaded from:
How do I download the NBK Mobile Banking App for Android?
Our Android application is available for free and can be downloaded from:
Google Play Store
What is available on the NBK Mobile Banking application?
NBK UAE enables you to:
Make transfers between your accounts, to other NBK accounts, accounts at other banks
- View the history of transactions made on your account
- View the balance and transactions on your credit cards, loans, and deposits
- Make payments to your credit card, and pay telephone bills
- Report stolen or lost cards
- Find our branches through a branch locator
- Find our ATM's across UAE
- Request printed statements and make checkbook requests
And much more …
How do I add a beneficiary on NBK Mobile Banking?
Beneficiaries must be added on NBK Online Banking in order to do the transfers on your device. Once the new beneficiary is added, you do the transfer on your device.
How do I report a lost ATM card?
- Go to the home screen in NBK Mobile Banking application
- Go to "Services"
- Report stolen cards by selecting "Card Restriction"
- Select the stolen card(s)
- Select “Lost” or “Stolen” card
- Submit your request by selecting "OK"
What do I do if I change my mobile number?
Please visit your nearest NBK Branch and we will update your details on our records.
What if I forget my NBK Mobile Banking password?
- Login to NBK Online Banking
- Click on "NBK Mobile Banking"
- Click on "Forgot Password"
- Enter a new password
- Confirm your password by re-entering it
- Go to your NBK Mobile Banking application on your device & login with the new password
What do I do if I change my mobile phone?
- Download the application on your new device
- Call the NBK Call Center on +9714 3161700 and ask the agent to un-enroll your old device
- Enroll your device and follow:
Registration and enrollment process
- Launch the application on the new device
You can also enroll by logging into Online Banking and follow the below steps:
- Login to Online Banking
- Select “Self-Services” tab then “Mobile Banking” then “Manage Devices”
- Click on “Add” to add your new device
- Enroll your device and follow:
Registration and enrollment process
Can I have NBK Mobile Banking on multiple devices?
Yes, now the application can be downloaded, installed and enrolled on up to (maximum) 5 devices
How much do I have to pay to download NBK Mobile Banking?
There are no fees. The application is free.
How do I change my password? Can I change my NBK Mobile Banking Password?
Of course, you can change your password by following these steps:
- Go to the home screen on your NBK Mobile Banking
- Go to "Settings"
- Choose "Password Management"
- Enter current password
- Enter new password
- Re-enter new password in order to confirm
- Tap on "Change" to set the new password
Can anyone else use my NBK Mobile Banking?
No one else can use your NBK Mobile Banking. This is another secure banking channel where every time you wish to use your NBK Mobile Banking, the password prompt will appear.
Does NBK Mobile Banking have a similar appearance on all phones?
The appearance of the application may differ depending Operation System (OS) on the mobile phone being used, but functions and transactions remain the same.
How do I enable/disable my application?
Call our Call Centre on +9714 3161700 and ask for enable/disable the service or login to NBK Online Banking, select NBK Mobile Banking, select Enable/Disable, and then enable or disable the service.
How is it different from the existing SMS Banking Service?
"Real Time SMS" is a service where the customer receives these alerts on mobile transactions. These include points of sale purchases, salary credits, ATM withdrawals, etc. While NBK Mobile Banking enables you to conduct your banking transactions on your device locally and internationally.
What are the prerequisites for using NBK Mobile Banking?
You must be a NBK Online Banking registered user and have an iPhone, iPad, iPod Touch, Android or Blackberry mobile device. You must also have downloaded the NBK Mobile Banking App.
What if I lose my mobile?
You are required to contact "Call Centre" immediately by calling +9714 3161700 to disable the service. You can also disable your Mobile Banking service through NBK Online Banking by selecting “Disable” under “Mobile Banking”.
What if I receive a call while using the NBK Mobile Banking App?
You will be able to receive SMS and receive incoming calls. However, should you reply to the SMS or the incoming call and spend some time on it, for security reasons, you will be automatically logged out of the app and will need to log in again.
How many transactions the customers can do to pay the phone bills on daily basis?
You will have the chance to do payments 5 times a day.
What are the services provided through the ATMs?
• Withdraw cash (within the available limit)
• Change ATM/Credit Card PIN
• Request check book
• Request mini account statement
• Request account statement through branch (last 30 transactions)
• Transfer between your accounts
When making a deposit, ensure that:
- Cash is only handed over to tellers who will in turn acknowledge the deposit by giving you a stamped and signed receipt
- You keep your copy of all related paperwork for future references
- Deposits made by third parties are immediately confirmed
- That you do a regular review of your account statement for accuracy
Check fraud occurs when a fraudster uses a stolen or counterfeit check to pay for goods and services.
Some common types of check fraud are described below:
Falsification of a Check
Check forgery occurs after the fraudster intercepts the customer's checkbook. This category consists of the fraudster imitating a signature, changing the amount or replacing the name of the payee using scratching or erasing technique.
Fraudulently Altered Check
A fraudulently altered check is a genuine check that has been made out by the payer, but a fraudster has altered the check somehow before it was paid in, e.g. by altering the beneficiary/ payee’s name or the amount of the check.
It is about creating a fake check from scratch, whether or not issued from an existing bank. This type of fraud is often the most elaborate form, because it consists of reproducing an identical check in all of its visual aspects: watermark, dimensions, alignment, impression etc.
Always Remember to:
- Keep checks in a secure place
- Do not sign checks in advance
- Ensure no checks are missing, particularly from the middle or towards the back of the checkbook when you get a new checkbook
- Inform the bank immediately if any check is missing
- Make sure to send checks securely and avoid using window envelopes when sending them in the post
- Don't leave too much blank space in front or after the payee’s name or the amount written in words or numbers and draw lines at the end
- Remember to cross your check by drawing 2 parallel lines whenever applicable on the front to prevent it from being misused
- Settle your bank account regularly and report any unusual transaction
- Beware as there's a chance that money credited to your account from a check could be reclaimed in case the check is stolen or counterfeit and can result in a criminal case
- Try using your bank’s digital banking services when possible instead of issuing checks
- Ensure cancellation of checks having errors, over-writing and destroy all such spoiled checks
- Notify NBK if you have not received an ordered checkbook
- Register your mobile number for SMS Service in order to receive instant alerts about any transaction on your accounts
Identity fraud is where a dishonest person will gather your personal details in order to conduct a fraud which will financially hurt you. These fraudsters can obtain your personal information in a number of ways, via telephone scams or on the internet.
The following can be used to assume your identity:
- Your date of birth
- Your address
- Your civil ID number or other identification numbers
- Your mobile phone number
- Your banking information
To protect your identity we recommend the following:
- Immediately report any loss or theft of your important documents such as your civil ID, passport, driver’s license, credit card etc.
- Keep your financial and personal documents in a safe and secure place. NBK safe deposit boxes are available for your use
- Do not keep your ATM PIN number in your wallet
- Never provide personal information on the phone or emails to anyone who calls or emails you
Fraudsters call you using internet by modifying the caller ID to +97143161700 and impersonate as NBK staff. They then try to seek your card numbers, PIN, account number, online banking password or other account related information giving various reasons such as updating their system records, etc. to mislead you.
You may also receive a fake call from unknown number stating that you have won a lottery or a cash prize on your card or phone number. The fraudster then will ask for your card number and PIN for confirmation, which then will be used for conducting fraud. The fraudster may also ask you to transfer some amount of money towards processing fee to claim the prize and you will never hear from him thereafter.
Tips to protect yourself from phone fraud:
•Establish the identity and motive of the caller before engaging in further conversation with the unknown caller
•Be wary of any suspicious calls seeking your personal sensitive information
•Do not disclose or reveal any personal sensitive information related to your banking services such as card numbers, PIN or WOL passwords etc. NBK will never ask you for any personal sensitive information
•Always check your account balances and monitor your account statements to identify any unauthorized transactions
•Report any SMS alert received for a transaction not done by you at +97143161700
What do you do if you have fallen victim of a fraud?
Report the incident immediately to NBK by calling +97143161700 even if you have already disclosed personal sensitive information relating to your card, account or online banking.
Business Email Compromise (BEC) or Invoice Fraud, as it is called sometimes is a type of payment fraud that involves compromise of legitimate business e-mail or creating lookalike domain name accounts for the purpose of conducting an unauthorized funds transfer.
Fictitious Funds Transfer Requests From Suppliers or Business Partners:
- A fraudster compromises the email of an employee of the target company
- The fraudster monitors emails of the business user, looking for supplier invoices
- The fraudster finds a legitimate invoice and modifies the beneficiary information, such as changing the IBAN / account number to which payment is to be sent
- The fraudster disguises the vendor’s email to submit the modified invoice. It doesn’t require compromising the supplier’s email system, but instead sends the invoice from an email address that is so close to the domain of the vendor, that most people would miss the change; for example, @companyABDC.com instead of @companyABCD.com or example.com into examp1e.com or example.co
- When the company receives payment requests and fake invoices through emails, they would recognize the supplier’s name and services provided. So they would process the invoice and submit a funds transfer request to them for payment
Fictitious Funds Transfer Requests From Executive Staff:
Such scams may also involve a fraudster compromising the email account of a Senior Executive (CEO, CFO, etc.) and send a funds transfer request from the compromised email ID to the accounts department staff.
How to Minimize Your Chances of Being a Victim to Fraud:
- Increase awareness amongst your Finance/ Account Departments staff
- Look for the validity of email IDs (spelling and disguised IDs) of the sender requesting the funds transfer
- Always enquire about funds transfer requests to any new beneficiary account information
- Look for change in payment request patterns (out of cycle, different currency, high value) for known suppliers
- Get a telephonic confirmation from the sender of the email who could be your suppliers or company executives, before instructing your bank to transfer the funds
- Protect your company domain or servers by enhancing the security infrastructure
Digital or mobile banking has made the banking experience conveniently accessible from anywhere, making it increasingly popular. As adoption of mobile banking services increases, criminals try to misuse these services:
- Fraud occurs when fraudsters contact your mobile service provider and request a replacement SIM (SIM swap) usually by impersonation
- Using your replaced SIM card, they can call your bank and obtain access to your bank account
- Fraudsters can create beneficiaries and fraudulently transfer funds from your account
Tips to Prevent SIM Swap Fraud:
- Contact your mobile service provider immediately if your mobile phone loses network connectivity unexpectedly
- Contact your mobile service provider immediately if you have not received calls or SMS notifications for sometime
- Contact your mobile service provider immediately if you receive “SIM not registered” or “SIM replacement” notification on your mobile phone
- Keep track of your online banking transactions and bank statements. In case of discrepancies or irregularities contact your bank
- Register for the SMS Service alert or receive notifications via email regarding any activity in your bank account
Please beware of investing in fake or worthless shares through fraudulent websites. Such entities lure victims with dishonest techniques to steal money. They may also try to get you to invest in virtual currencies such as Bitcoin or so-called Cryptocurrencies, or unlicensed financial investment activities such as Forex trading.
- Be careful of any investment opportunity that makes exaggerated earnings claims
- Exercise due diligence in selecting investments and the people with whom you invest — in other words, do your homework before investing your money
- Consult an unbiased third party such as an independent broker or licensed financial advisor before investing
You could be the victim of fraud communication. You might receive an SMS message claiming that your NBK Debit Card is blocked, deactivated, or that your bank account is locked.
You might receive an SMS message with instructions to call a specified number to reactivate your NBK Debit Card or bank account.
During the call, scammers may pretend to be bank staff and ask for your personal information, banking details and One-Time Password (OTP).
Such information allows scammers to make unauthorized transactions from your bank accounts.
What You Can Do:
- Beware of unsolicited messages or calls from persons impersonating as staff from banks. Scammers may use Caller ID spoofing technology to mask their actual phone number and display the bank’s number.
- Do not disclose your banking details such as account username, Personal Identification Number (PIN) or One-Time Password (OTP) to anyone through phone, email or SMS.
- If you receive a suspicious call or message from your bank, hang up and call the hotline published on the bank’s website to verify the authenticity of the request. Do not call the number provided by the caller or sender.
You can contact the NBK Call Center at +971 4 316 1700 or email us on UAE-CustomerComplaint@nbk.com regarding internet security issues.