Police in the UAE have stepped up efforts to put an end to phone scamming. AP
Police in the UAE have stepped up efforts to put an end to phone scamming. AP
Police in the UAE have stepped up efforts to put an end to phone scamming. AP
Police in the UAE have stepped up efforts to put an end to phone scamming. AP

UAE

UAE prosecutors step up jail terms and fines for phone and web con artists

Impersonating a public official or police officer could lead to five years in prison

Salam Al Amir
Salam Al Amir

March 23, 2022

  • English
  • Arabic

Fraudsters behind the rise in phone and internet cons face up to five years in jail if caught, federal prosecutors have warned.

The penalties are even tougher if the perpetrators impersonate an official or claim to be from a government authority.

Attempted phone and web swindles have become increasingly common in recent years, with callers often claiming to be police CID officers or Central Bank officials, among others.

Officials have urged the public to save and report the phone numbers to authorities such as Dubai Police's e-crimes unit on www.ecrime.ae or by calling 901.

Last year, residents in Dubai received fake email messages claiming to be from the Dubai Electricity and Water Authority and asking for bill payments.

UAE authorities regularly remind public about the dangers of phone and online fraudsters.

This year, Dubai Police took to Twitter to warn members of the public of con artists and offered tips about how to avoid being scammed.

They advised people to not share bank details, one-time passwords, CCV codes or click on unknown links.

Police reminded residents to always be careful of offers that sound too good to be true and urged them to report all suspicious calls or emails to police.

Research by UK technology comparison website Comparitech found that UAE residents lose $746 million a year to cyber crime.

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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.

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A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.

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Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.

How to keep control of your emotions

If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.

Greed

Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.

Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.

Fear

The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.

Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.

Hope

While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.

Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.

Frustration

Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.

Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.

Boredom

Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.

Tip: Open an online demo account and get your thrills without risking real money.

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Updated: March 23, 2022, 8:59 AM
DubaiUAEDubai PoliceAbu Dhabi