Amir Kolahzadeh, managing director of Itsec, one of region’s leaders in cyber security. Antonie Robertson / The National
Amir Kolahzadeh, managing director of Itsec, one of region’s leaders in cyber security. Antonie Robertson / The National

Warning to job-seekers about bogus recruitment scams



ABU DHABI // Job hunters have been warned against recruitment scams promising them high-paid positions at leading companies.

Fraudsters in the UAE and abroad have been offering lucrative positions at companies including Cleveland Clinic Abu Dhabi, Adnoc, Etihad and Emirates airlines, often in return for a processing or recruitment fee, or to obtain bank details.

The companies warned that the offers were not legitimate.

“The fake job offer has been around in the UAE for a while now and many have fallen victim to it,” said Amir Kolahzadeh, managing director of Itsec, one of the Middle East’s leaders in cyber security.

“There have been many cases involving Adnoc, Cleveland Clinic Abu Dhabi and many other large enterprises, where con artists are offering high-salary positions on a fake letterhead and logo.

“The websites are cloned and redirected to the different URL, tricking the public into believing that the job offer is real. In exchange, the scammer will ask for upfront payment to cover travel and visa fee for a job that does not exist.”

Mr Kolahzadeh added that, regardless of whether the job offer was genuine or a fraud, it was against the law for any employer to ask for such fees.

Hassan Elhais, a legal consultant at Al Rowaad Advocates and Legal Consultants, said job scams were some of the most common cyber crimes.

“Keep in mind that most job offers which require the employee to pay the employer a sum of money are generally bogus, or a scam,” Mr Elhais said.

Fraudsters often find their victims by sifting through CVs posted by jobseekers on employment websites.

Waleed Barhaji, head of consumer finance at Noor Bank, said scammers exploited the high demand for jobs in the country.

“They would pose as authorised recruiters to try and collect a fee under the guise of administrative fees, application fees or visa charges,” Mr Barhaji said.

Clinton Firth, Mena cyber advisory leader at financial services company E Y, said job scams and others such as financial windfalls all had the same characteristics.

“They are trying to replicate being a real entity, with the more sophisticated ones having a better and more comprehensive cover story,” Mr Firth said. “For the job offers, they will initiate unannounced contact and look to lure you in.”

Cleveland Clinic in the capital said that it was aware of fraudulent emails being sent to medical professionals and was investigating, while Adnoc issued a scam warning on its website, which said it was aware that fictitious jobs were being offered.

“To appear convincing, fake employment contracts are signed by a so-called H R manager, usually featuring the name and logo of Adnoc or one of its group of companies on their letterheads and pages,” the company said.

Etihad and Emirates airlines have posted similar warnings on their websites.

“These people and organisations may request personal information or money from you in order to progress the application,” Etihad’s website warned.

Emirates reminded jobseekers that all Emirates Group email addresses end in @emirates.com and a candidate would never be sent correspondence from personal email accounts, such as Hotmail, Yahoo or Gmail.

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La Mer beach is open from 10am until midnight, daily, and is located in Jumeirah 1, well after Kite Beach. Some restaurants, like Cupagahwa, are open from 8am for breakfast; most others start at noon. At the time of writing, we noticed that signs for Vicolo, an Italian eatery, and Kaftan, a Turkish restaurant, indicated that these two restaurants will be open soon, most likely this month. Parking is available, as well as a Dh100 all-day valet option or a Dh50 valet service if you’re just stopping by for a few hours.
 

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Document everything immediately; including dates, times, locations and witnesses

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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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  • Use unique usernames and passwords while enabling multi-factor authentication.
  • Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
  • Avoid suspicious social media ads promoting fraudulent schemes.
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