If your whole life is in your phone, you'd better not lose it


  • English
  • Arabic

'Trust in Allah, but tie up your camel," says an Arabic proverb.

And that is exactly what I have started doing, hitching my smart phone - which has become as valuable as a camel in our modern days - to a clip I set up in each of my bags, to prevent it from getting lost again. Once was more than enough to push me into a different routine.

Imagine this - and it could happen to anyone at any time: I was sitting at a very important meeting and when I saw the others there pull out their smart phones and place them on the table before our discussion started, I searched in my bag to do the same - and couldn't find my phone.

It has become a common habit (a bad one I may add): if someone reaches for his or her phone to check a message or email or whatever, we all do the same. I wasn't even thinking about my BlackBerry until the VIP in the meeting checked his.

After fumbling in my bag and making sure it was not there, I found that it was almost impossible to stay focused on the meeting. I was panicking. I always put my phone in the same place - and it wasn't there.

This is when you think about the danger of your phone falling into the hands of someone unscrupulous. First, for a journalist the idea that your list of contacts could be misused can give you a heart attack.

Then there are the sites you have set up so that you can check them without putting in a password each time. There is no telling what can happen or what can be stolen by the time you can get to a computer and change all those passwords.

If that isn't enough, we also have our social media accounts activated on our phones. So when you lose your phone, you may also lose your privacy on Facebook and Twitter.

Then my mind went into the photos and media folder on my phone. I remembered all the stories about blackmail, and the reprinting of private photos. Fortunately, I have mainly photos of my cats on my phone, but I do also have photos of family gatherings and birthdays.

That is when I got really angry, and it showed on my face. I was imagining someone browsing through my private photos without permission.

That was it. I could not just sit there for another hour and pretend all was OK when someone could be breaking into my accounts as I sat there. I excused myself, said I needed to go to the washroom and bolted out in search of my phone.

I retraced all my steps in that building, all the way back to the car park. I looked under and around the car, and asked the security guards if they had seen a phone anywhere.

They had not.

I had left my other mobile phone at home, so I couldn't call my missing phone to check where it was.

It was all so frustrating, and I felt quite alone in my dilemma.

Finally, I went inside my car, and there it was, almost invisible, next to a pedal. I have no idea how it had fallen down there, but I was jumping with joy. I even kissed it.

This scare was a good reminder that our smart phones have become as important as our wallets in terms of our identity and our most private and critical records and accounts.

An IT security expert once told me that having even just a mobile number is sometimes enough to let someone break into your accounts. As a journalist, I give my number out more than most people, so this was particularly bad news for me.

Seriously, if someone gets his hands on your smart phone, the password can be cracked easily and that person gains access to your life, and power over it. I had an old Nokia phone to which I had forgotten the password, and guess what? A seller at a phone store in a mall was able to crack it within five minutes.

"Here you go ma'am, now you can access all your contacts," he said with a big smile. He hadn't asked me for ID, and why should he have? There was no name on the phone. It could have been anyone's.

The amount of information we put on our phones means we are all vulnerable to identity thieves and other high-tech criminals.

On Twitter: @Arabianmau

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Founders: Michele Ferrario, Nino Ulsamer and Freddy Lim
Started: established in 2016 and launched in July 2017
Based: Singapore, with offices in the UAE, Malaysia, Hong Kong, Thailand
Sector: FinTech, wealth management
Initial investment: $500,000 in seed round 1 in 2016; $2.2m in seed round 2 in 2017; $5m in series A round in 2018; $12m in series B round in 2019; $16m in series C round in 2020 and $25m in series D round in 2021
Current staff: more than 160 employees
Stage: series D 
Investors: EightRoads Ventures, Square Peg Capital, Sequoia Capital India

What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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