Financial Crime World

Financial Fraud on the Rise in UAE as Cybercriminals Take Advantage of Pandemic

A sharp increase in digital fraud attempts has been reported globally, with the United Arab Emirates (UAE) not immune to the trend. Consumer credit reporting agency TransUnion revealed that global digital fraud attempts rose by 149 per cent from January to April this year compared to the previous four months.

Latest Financial Scams in UAE

Fraudsters have stepped up their efforts to part unsuspecting UAE residents from their money using various scams, including cryptocurrency counterfeiters and Expo 2020 Dubai imitation rackets. Here are some of the latest financial scams that have made their way to the UAE over recent months:

1. The Emirates Post Email Trap

In March, Emirates Post warned UAE residents about fake emails sent in its name, asking recipients to reveal personal information such as passwords or bank details.

How to Avoid It:

  • Don’t open unfamiliar emails or text messages - the subject line is usually a giveaway, and email providers often mark emails as spam.
  • If you do, flag the message as spam, disconnect your device from the internet and any networks it may be linked to, run an antivirus program, and then log on again and change all your password details.

2. The Fake UAE Central Bank Call

This month, authorities in Abu Dhabi warned of deceptive phone calls from hucksters pretending to represent the UAE Central Bank.

How to Avoid It:

  • Don’t take calls from unfamiliar numbers.
  • If you do, hang up immediately.
  • Conduct an independent web search to verify the offer or issue and visit the organisation’s website.

3. The Dubai Coin Dodge

In May, Dubai’s government flagged up that the relaunch of Dubai Coin, a counterfeit cryptocurrency that was being peddled as a digital payment option online and in stores.

How to Avoid It:

  • Watch for misspellings.
  • Look for the lock icon next to the website URL.
  • Only share the bare minimum.
  • Triple check any emails that look like they’re from retailers, including courier and delivery notifications.

4. The Simple SIM Swap

Has your phone suddenly gone dead or perhaps you’ve lost your network? Your account could have been compromised by SIM card fraud.

How to Handle It:

  • Contact your mobile provider.
  • Your bank.
  • The police.
  • From another device, log on to social media and any applications you may use and change your password.

5. The Covid-19 Cure Investment Con

Last year, the Central Bank of the UAE spoke of how coronavirus scammers were contacting residents via email, text messages, phone calls, and home visits to discuss investing in a cure for the novel coronavirus or other schemes.

How to Handle It:

  • Never provide cash, credit cards, or personal information without verifying the details of the vendor.
  • Check their trade licence and registration papers.
  • If something sounds too good to be true, it probably is.