Fraudsters Target UAE, Customers Left in the Lurch
In a shocking turn of events, victims in the United Arab Emirates (UAE) have fallen prey to a range of fraud schemes, with no signs of products being delivered and perpetrators making off with their hard-earned cash.
Fake Customs Fees Scam
Perpetrators posing as customs employees informed customers that an incoming shipment was on its way, but only after requesting various “customs fees” for the delivery. In many cases, multiple individuals colluded to deceive unsuspecting victims.
Other Types of Fraud
- Fake Visa/Ticketing Fraud: Perpetrators acted as legal travel agents, offering visa or ticketing services and asking for payment online before issuing the documents. However, once the transfer was made, the “travel agent” went dark, leaving victims with nothing but a string of unanswered emails.
- Investment Scam/Fraud: The UAE FIU has warned of a significant increase in investment fraud cases, where perpetrators promise high returns with little or no risk. The schemes often involve fictitious investments in company shares, real estate, and stocks. With the rise of virtual currencies, criminals have also turned to exploiting their features for fraudulent activities.
- Phishing/Vishing: Fraudsters used phishing and vishing tactics to obtain sensitive information from victims online or over the phone. In some cases, attackers created fake websites that looked like those of financial institutions, tricking victims into revealing their personal details.
- Forgery/Counterfeiting: The UAE FIU has reported a surge in forgery and counterfeiting cases, including illegal alterations to documents and instruments. Criminals have also been using social engineering techniques to convince victims to reveal sensitive information over the phone.
Red Flags
To identify potential fraud schemes, the UAE FIU has established generic risk indicators that may be directly or indirectly relevant to fraud. Some of these “red flags” include:
- Customers submitting documents with false or fraudulent statements
- Discrepancies between reported facts and supporting documentation
- Inadequate or altered supporting documents
- Funds received via wire transfers from unrelated parties
Case Examples
The UAE FIU has shared two case examples of advance payment fraud, where victims were convinced to pay customs fees for non-existent shipments. One example involved a customer who was asked to pay AED 5,000 for an “import duty” before receiving their shipment.
Conclusion
As the UAE FIU continues to monitor and investigate these cases, it is crucial that individuals remain vigilant and report any suspicious activity to prevent further fraud schemes from unfolding.