Music industry titan died on Sunday aged 91
entertainment1 hour ago
Question: I lost some money from my bank account after responding to scammers. Is the bank liable to return the cash to me? If not, what options do I have to recover the lost money?
Response: Pursuant to your queries, the provisions of the Consumer Protection Regulation issued by the Central Bank of UAE through its Circular No. 8 of 2020 to all licensed Financial Institutions in the UAE (the 'Consumer Protection Regulation of Financial Institutions') are applicable.
In the UAE, financial institutions — especially banks — are obligated to create awareness about financial crimes among customers and public. This is in accordance with Clause 6.2.2.6 of the Consumer Protection Regulations of Financial Institutions, which states: "Licensed financial institutions must demonstrate they have carried out sufficient consumer awareness activities related to educating consumers of the need to protect themselves from financial crime."
Financial institutions are not liable to pay compensation for losses arising out of crimes if it is due to gross negligence or fraudulent behaviour of the customers. This is in accordance with Clause 6.1.2.4 of the Consumer Protection Regulations of Financial Institutions, which states: "Licensed financial institutions must compensate consumers in a timely manner for financial losses and expenses resulting from financial crimes, misappropriation, cyber-attacks and misuse of assets and information unless it can be proven that the loss was due to the gross negligence or fraudulent behaviour of the consumers."
Based on the aforementioned provisions of law, since the money was lost due to your negligence, you would not be entitled to claim any sort of compensation from your bank.
It is assumed that you have lost money due to a financial crime which occurred due to your negligence. You may have to initially alert your bank related to the financial crime and request the bank to block your payment cards (debit or credit cards) and you may immediately change the passwords of your online banking system. Thereafter, it is recommended that you approach the branch of your bank where you have the bank account/credit card facility to file a formal complaint. The bank may then undertake relevant investigations on the financial crime and respond to you.
ALSO READ:
Once the aforesaid procedures are completed, you may have to file a police complaint. You may have to submit details of the amount you lost, relevant messages and call history on your phone. In the event you feel that your complaint is not resolved by your bank, you may approach the Central Bank of UAE to report the matter.
Music industry titan died on Sunday aged 91
entertainment1 hour ago
Among the performers were Jon Bon Jovi, Katy Perry, and a host of other music and entertainment icons
entertainment1 hour ago
Previously, they had to spend about Dh250 on a cab ride to the UAE Capital if they couldn't wait for the inter-city bus during rush hour
transport1 hour ago
The image, taken with a 14-inch telescope, took 43.5 hours to capture
space1 hour ago
National Guard activated in Nevada, Oregon, Washington and other states
americas2 hours ago
Rock band is all set to drop new music
entertainment2 hours ago
Offered two dishes of carved fruit, each emblazoned with one of the candidates' names, the four-month-old hippo chose Trump
asia2 hours ago
Several celebrities including Tom Cruise and Will Smith have scaled the world's tallest building
entertainment2 hours ago