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The Central Bank of the United Arab Emirates says it has launched an investigation about how fraudsters captured payment card details in an apparent effort to make cloned cards. Central bank officials have met with managers from other financial institutions to review the fraud, the central bank says in a statement. Criminals reportedly hacked into the network that connects servers and ATMs to capture payment card data and PINs. The fraud led some banks to limit or suspend ATM withdrawals by consumers using UAE-issued cards (CardLine Global, 2 Oct.). The central bank has asked the country's financial institutions to tell their customers to change their PINs within two weeks. The bank also might encourage other financial institutions to issue chip cards that carry the global EMV antifraud application. Banks in the UAE have issued some 3.7 million cards that can be used for ATM transactions, the central bank says.
