Oct 12, 2009 at 23:22
The increase in fraud is mainly due to economic crisis, the newspaper said.
“As far as the UAE is concerned, we've been observing a year-on-year loss of $45 million and because of crisis it is expected to increase by 20 per cent,” Asanka Amarasekara, head of fraud control at Dunia Finance, told the newspaper.
The trend is similar in other Gulf countries because of the presence of a large number of expatriate workers, he added.
Banks in the UAE have been hit by a wave of corporate and personal loan defaults as many businesses have gone bust and individuals have lost jobs.
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