Customer Protection
As consumers of financial services within the UAE, Travelex customers must be vigilant and aware of any threats or risks to their security, data and finances.
As Travelex, we endeavour to help our customers better understand how these risks could materialize with currency exchange transactions and how you can be careful to protect yourself.
Counterfeits
Producing, possessing, or using counterfeit currency, such as fake banknotes or coins, is a criminal offense in the UAE. This is considered a form of fraud and is punishable under UAE law.
Travelex Emirates Exchange LLC (TEELLC) trains our staff and employes security measures to ensure we do not accept, nor distribute, counterfeit notes of currencies.
In the event that counterfeit currency(s) are identified at the time of a transaction at our stores, we are legally obliged to report the counterfeit currency(s), along with the customer, to the nearest Police Station.
In order to avoid dealing with counterfeit notes, Travelex encourages our customers to inspect and verify the banknotes they receive from any exchange house, bank or individual. This can be done via touch to analyse how the notes feel, via sight by examining any holograms or color-shifting images on the notes, or even holding notes up to light to check for watermarks.
Identity Fraud
Identity theft in the UAE is a crime and it can be treated as a misdemeanor or felony depending on the severity of the offence. This type of crime involves the unauthorized use of another person's personal information to commit fraudulent activities, such as opening bank accounts, taking out loans, and taking services from Financial Institutions (e.g.: currency exchange or money transfers).
The impacts of identify theft can be significant - identity thieves may drain your bank and investment accounts, remit on behalf of you, open new credit lines, get utility services, steal your tax refund, use your insurance information to get medical treatments, or give police your name and address when they are arrested. Frequent data breaches means your information may already be exposed!
Travelex encourages customers to refrain from sharing their Identity with anyone if not required by law.
When it comes to the law, Travelex must comply with regulatory requirements in the UAE that requires us to verify our customers original identity documents in order to complete their transaction.
Always be vigilant – in the event that you may have lost your identity document in the UAE, please report to the nearest Police Station and your embassy so they may guide you further.
Credit / Debit Card Fraud:
Credit / Debit card fraud occurs when someone gains access to your card number—and, in some cases, personal identification number (PIN), CVV or One-time-password (OTP)—to make unauthorized purchases or withdraw cash from your account or make foreign currency exchange transaction.
Missing or stolen Credit / Debit Card can be misused for illegal activities.
In case your Credit / Debit card is missing / stolen, please immediately report to your respective Bank and, as required, to your nearest Police Station if you believe a theft has occurred.
Some key basics when using your bank cards would be:
- Do not share your Card Password or OTP with any individuals.
- be aware of ‘Phishing Scams’. These are fraudulent communications (e.g.: emails, SMS’ etc.) that appear to be from legitimate sources, such as your bank or credit card company. These communications will request you to provide personal information (for example: Password / PIN / CVV / OTP etc). Do not respond to any request to verify your account number or password. Legitimate companies like Travelex Emirates Exchange LLC will never request this kind of information from our customers.
- As soon as possible contact your bank to report the fraudulent activity. The bank will likely cancel your card and issue a new one. If caught early enough, your bank even be able to reverse fraudulent transactions.
- Click with Caution: When shopping online, check out a web site before entering your credit card number or other personal information. Read the privacy policy and look for opportunities to opt out of information sharing. (If there is no privacy policy posted, beware! Shop elsewhere.)
Kickbacks & Bribery
Travelex follows the strictest levels of compliance both with our global regulators and internally against our own corporate principles. Travelex employees will never ask for direct cash payments to facilitate transactions or bypass regulatory requirements around transaction processing. In the event that an employee of Travelex engages with you for a kickback or bribe, please ensure you immediately report this to feedback.uae@travelex.com.