News

Arab banks compensating ATM scam victims

June 9, 2003

DUBAI, United Arab Emirates -- Victims of a recent ATM skimming scam are being compensated by the banks that hold their accounts.

According to Gulf News, some banks have completed repayments to the account holders.

"(T)he banks are not waiting for the apex bank's instructions in order to settle the money lost in the scam," said Sultan bin Nasser Al Suwaidi, UAE Central Bank governor.

Account information at about four ATMs owned by one bank was captured and used by the thieves to steal Dh 1.5 million (U.S. $408,000).

All account holders have been instructed to change their PIN numbers to safeguard their accounts from new attacks.