Types of fraud
Phishing: Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
Smishing: The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
Vishing: The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
SIM swap: Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
Identity theft: Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
Prize scams: Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
* Nada El Sawy
The UAE Banks Federation, Central Bank of the UAE and Abu Dhabi and Dubai police forces are jointly rolling out the country’s first national fraud awareness campaign, as more residents use digital banking services during the Covid-19 pandemic.
Under the theme #TogetherAgainstFraud, the social media campaign aims to equip consumers with the knowledge to protect themselves against fraudsters harassing them with coronavirus-linked scams.
This is a serious threat to society that must be addressed, particularly under these challenging circumstances where fraudsters are taking advantage of the fear and uncertainty created by the Covid-19 outbreak.
“As a nation, we continue our fight against Covid-19 and that includes combating fraud and cyber security risks in the banking and financial system. As digital banking transactions are witnessing a significant spike during this time, we at Central Bank of the UAE have been quick to deploy robust fraud prevention measures to protect consumers,” said Abdulhamid Saeed, Governor of the Central Bank of the UAE.
“The newly launched fraud awareness campaign … is aimed at informing consumers about the proliferation of phishing activities while enabling them to stay alert. We continue to advise consumers to be aware of malicious activities and schemes while practicing caution when sensitive and personal information is requested.”
There has been a surge in fraudulent activities across the globe as residents are restricted to their homes because countries are observing strict containment measures to curb the spread of the virus. Many of the latest scams are linked to Covid-19.
The Federal Trade Commission in the US, for example, said Americans filed complaints about losses to coronavirus-related fraud totalling nearly $6 million (Dh22.03m) in March.
The UAE is “no exception to this trend”, according to the new joint initiative, with common scams targeting victims via email, text message, phone and social media, as fraudsters pose as government entities, banks and healthcare providers to trick victims into disclosing personal or financial information.
Last year Abu Dhabi Police arrested 13 criminal gangs made up of 142 fraudsters involved in vishing attacks (where victims are pressured to reveal confidential details by phone), according to Major General Maktoum Ali Al Sharifi, director-general of Abu Dhabi Police. The fraudsters were posing as bank employees and asking customers to disclose their bank details and personal information to steal their money.
In 2018, there was a year-on-year increase of 18.2 per cent in fraud cases in the UAE, with these numbers increasing again in 2019, said the joint initiative.
Last month, the Central Bank warned the public to be wary of potential fraudulent activities using its name, and said it expected these types of scams to increase during the outbreak.
“This is a serious threat to society that must be addressed, particularly under these challenging circumstances where fraudsters are taking advantage of the fear and uncertainty created by the Covid-19 outbreak,” said Abdulaziz Al Ghurair, chairman of UBF.
“We not only aim to equip the public with the knowledge and resources they need to protect themselves from fraud, but also disrupt the criminal networks that are targeting UAE residents.”
"This, coupled with boredom shopping, as well as desirable offers from retailers trying to stay afloat as the economy takes a hit, often creates a situation where cybercriminals are prowling," she added.
The national fraud awareness campaign will run across social media platforms until the end of the year, focusing on different topics each month such as SIM swap fraud, phishing, vishing, lottery scams, vanishing ink scams, card skimming, email redirection fraud and data privacy.
Dubai Police urged UAE residents to remain vigilant during these uncertain times, and exercise extra caution when sharing confidential information.
"These include account numbers, bank card numbers, passwords, personal identification codes and security codes behind cards, with the need not to be deceived by fraudulent phone calls and messages that may target customers via SMS or social media," said Lieutenant General Abdullah Khalifa Al Marri, Lieutenant General of Dubai Police.
Specs%20
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MATCH INFO
Norwich City 1 (Cantwell 75') Manchester United 2 (Aghalo 51' 118') After extra time.
Man of the match Harry Maguire (Manchester United)
The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium, Malayisa
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia on October 10
UAE currency: the story behind the money in your pockets
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
UAE currency: the story behind the money in your pockets
My Country: A Syrian Memoir
Kassem Eid, Bloomsbury
The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Genesis G80 2020 5.0-litre Royal Specs
Engine: 5-litre V8
Gearbox: eight-speed automatic
Power: 420hp
Torque: 505Nm
Fuel economy, combined: 12.4L/100km
Price: Dh260,500
'Downton Abbey: A New Era'
Director: Simon Curtis
Cast: Hugh Bonneville, Elizabeth McGovern, Maggie Smith, Michelle Dockery, Laura Carmichael, Jim Carter and Phyllis Logan
Rating: 4/5
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
RESULT
Shabab Al Ahli Dubai 0 Al Ain 6
Al Ain: Caio (5', 73'), El Shahat (10'), Berg (65'), Khalil (83'), Al Ahbabi (90' 2)
Sunday:
GP3 race: 12:10pm
Formula 2 race: 1:35pm
Formula 1 race: 5:10pm
Performance: Guns N' Roses
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Types of fraud
Phishing: Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
Smishing: The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
Vishing: The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
SIM swap: Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
Identity theft: Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
Prize scams: Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
* Nada El Sawy
