DUBAI: The Central Bank of the UAE, alongside Abu Dhabi Police and Dubai Police, has issued a stark warning about increasing cyber fraud cases targeting UAE residents.
The announcement, part of the Financial Fraud Awareness Week, underscores six specific scams designed to deceive individuals and businesses.
Faiza Alawadhi, Chief Market Conduct and Financial Consumer Protection Supervision at the Central Bank, highlighted the urgency: “These scams undermine financial security and exploit digital vulnerabilities. Public awareness is crucial to mitigating these threats.”
Common cyber scams in UAE
The Central Bank has outlined six widespread types of cyber fraud, urging vigilance against deceitful tactics.
Phishing scams: Fraudulent emails or texts claiming to be from legitimate banks to extract sensitive information.
Email hacking: Cybercriminals infiltrate company email systems, directing victims to send money to fake accounts.
Identity theft: Scammers impersonate officials to obtain credit card details and other personal data.
Invoice fraud: Fraudsters send fake invoices, diverting payments to their accounts.
Impersonation and Loan Fraud: Criminals misuse stolen identities to secure loans or credit cards.
Fake products: Fraudulent advertisements for products that are never delivered.
Investment and job scams
Abu Dhabi Police have further warned about fake investment platforms promising inflated returns. Criminals often present professional advertisements with fabricated endorsements to lure unsuspecting victims.
In another alarming trend, scammers exploit job seekers by creating fake recruitment pages. These pages often charge application fees for non-existent positions, leaving victims defrauded and disappointed.
“Legitimate organisations never demand upfront payments or sensitive information through unauthorised channels,” the police emphasised.
Reporting and Prevention measures
Residents are advised to report suspicious messages to their banks and escalate unresolved issues to the Central Bank’s Sanadak dispute resolution unit. Additionally, complaints can be lodged with the police’s financial crimes department.
The public is encouraged to protect themselves by:
- Verifying the legitimacy of messages, websites, and senders.
- Avoiding sharing sensitive information such as banking credentials, PINs, or CCV codes.
- Using robust online protection tools to block malicious websites.
Abu Dhabi Police emphasised immediate reporting of fraud through their Aman Service at 8002626 or via text at 2828.
Penalties for Cybercrime
The UAE has ramped up its legal framework to combat cybercrime, with fines and imprisonment for offences including unauthorised access, data theft, and identity fraud. Penalties include:
- Phishing and Identity Theft: Fines ranging from Dh150,000 to Dh2 million, alongside potential imprisonment.
- Online Extortion and Defamation: Imprisonment for up to two years and fines up to Dh500,000.
- Email Spamming and Financial Fraud: Minimum five years imprisonment and fines reaching Dh3 million.
Residents are reminded to remain cautious, as cybercriminals continue evolving their tactics. “Public cooperation is a vital component in eradicating financial fraud,” stated Faiza Alawadhi.