Providing Accurate and Complete Information

Consumers are responsible for providing accurate and complete information to the Universal Exchange Center when conducting transactions. This includes personal identification details, payment details and the nature of the transaction. Failure to do so can lead to delays or complications in processing transactions.

Understanding the Terms and Conditions

Consumers are expected to read and understand the terms and conditions of any financial products or services they use. This includes understanding the fees, exchange rates and any other relevant terms that apply to the transaction.

Ensuring the Legitimacy of Transactions

Consumers must ensure that their transactions are legitimate and do not involve money laundering, terrorist financing, or any other illicit activities. They should provide any requested documentation or identification to comply with regulatory requirements, such as anti-money laundering (AML) and counter-terrorism financing (CTF) checks.

Paying Fees and Charges Promptly

Consumers are responsible for paying any applicable fees, charges, and costs associated with the services provided by the UEC. This includes remittance fees, exchange rate margins, or other service-related fees.

Complying with Regulatory Requirements

Consumers are responsible for complying with any local or international regulatory requirements when engaging in financial transactions. This includes adhering to legal limits on transaction amounts or providing identification documents when required by the exchange center.

Reporting Suspicious Activities

Consumers must report any suspicious activities, potential fraud, or errors in transactions to the exchange center as soon as possible. This helps ensure quick resolution and prevents further issues.

Beware of Common Scams

Phishing scams involve fake emails, messages or calls pretending to be from trusted institutions like UEC and asking for sensitive details. Some scammers offer fake currency exchange rates or create fraudulent websites to steal personal information.

Common Red Flags of Fraud

Fraudsters often create pressure by urging you to act quickly with phrases like "Act Now or Lose the Offer!" They may also present amazing offers, such as unrealistic exchange rates, to attract you in. It's important to never share personal, banking, or payment information through email or phone unless you are certain of the requester's identity.

How to Protect Yourself

Always verify contact information by directly reaching out to the UEC through trusted details if you receive unexpected calls or messages. Never share personal or financial information via email, phone or social media unless you're certain the request is legitimate. Be careful of exchange rates that seem unusually high or low and always compare with trusted platforms. Lastly, use official communication channels like verified phone numbers, websites and email addresses.

Steps to Take if You Are a Victim of Fraud

• Report Immediately: Notify the Universal Exchange Center or the CBUAE about the fraud incident.
• Document All Details: Keep records of any communications or transactions related to the fraud.
• Freeze Accounts if Necessary: If sensitive banking or financial information was shared, contact your bank to freeze your accounts and protect your assets.

How to Report Fraud

• Report Suspicious Activity Immediately: If you suspect fraud, contact the Universal Exchange Center directly at +97142288810.
• CBUAE Fraud Reporting: If you suspect fraud, contact the Central Bank of the UAE (CBUAE) directly at +971 2 691 5555.
• Contact the Police: If necessary, report the fraud directly to police at 999.

Clear and Accurate Information

Consumers have the right to receive clear, accurate and easily understandable information about the products and services being offered, including the exchange rates, fees, charges and commissions.

Transparency in Pricing and Fees

Consumers are entitled to be informed about all associated costs before engaging in any financial transaction. This includes being aware of any hidden or additional charges that may apply, such as service fees or foreign exchange margins.

Privacy and Confidentiality

Consumer's personal data and transaction information must be handled with the utmost confidentiality and must not be shared without the consumer's consent, except where required by law or regulations.

Fair Treatment

Consumers should be treated fairly and with respect throughout their interactions with the Universal Exchange Center. This includes being provided with services in a non-discriminatory manner and not being subjected to unfair or deceptive practices.

File Complaints

Consumers have the right to lodge complaints or disputes regarding any service they have received, including issues related to fees, service quality or errors.

Access to Regulatory and Consumer Protection Information

Consumers should have easy access to information about the applicable consumer protection laws, including details on how to contact the relevant regulatory authorities (such as the CBUAE) if they are dissatisfied with the outcome of a complaint.

Safe and Secure Transaction Environment

Consumers have the right to expect that their financial transactions will be conducted securely. This includes protection against fraud and identity theft, as well as a secure handling of their financial data.