Dubai residents are urged to use the force's e-crime platform to report online fraud. istockphoto.com
Dubai residents are urged to use the force's e-crime platform to report online fraud. istockphoto.com
Dubai residents are urged to use the force's e-crime platform to report online fraud. istockphoto.com
Dubai residents are urged to use the force's e-crime platform to report online fraud. istockphoto.com

More than 25,000 cybercrimes reported last year, say Dubai Police


Salam Al Amir
  • English
  • Arabic

Dubai Police received thousands of complaints last year from victims of cybercriminals.

Figures released on Wednesday showed that 25,841 people used the force's e-crime platform on its website in 2021 to report cybercrimes.

Brig Jamal Al Jallaf, director of the Criminal Investigation Department at Dubai Police, said one report last year led to the arrest of three men who cheated a Dubai resident and his daughter out of Dh47,000.

“The arrests were made in an operation dubbed 'fake inheritance',” said Brig Al Jallaf.

“The victim lived and worked in Dubai before he returned to his home country, where the criminals contacted him and convinced him that money under his name was in a Dubai trust fund.”

The criminals convinced the man that a Dh7,000 fee was required to free the money in the trust fund. The man ended up transferring the money but later died.

The fraudsters rang the deceased man’s phone and ended up speaking to his daughter. They approached her with the same scam, convincing her that she and her siblings could inherit the money in the fund.

She was shown previous messages they had sent to her father, after which she transferred Dh40,000.

When they asked her to transfer Dh100,000 more, she decided to consult her uncle, who contacted Dubai Police.

“The uncle flew to Dubai after which a sting operation resulted in the arrest of three criminals — an African and two Arabs,” Brig Al Jallaf said.

In a separate case, a couple were arrested over an online fraud involving fake jobs.

“They scammed more than 20 people after promising them domestic labour jobs in the country,” said Brig Al Jallaf.

He urged people to use the e-crime platform to report online fraud, whether or not the criminals had been successful.

“The e-crime platform has significantly helped curb cybercrime and detect new methods of scamming people,” he said.

“Cybercrime is constantly evolving, especially in light of the rapidly advancing technology, overuse of social media and the increased number of people who have become more inclined to online shopping.”

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

In February, Abu Dhabi Police said about Dh18 million had been returned to victims of phone scams and other cybercrimes.

The money was retrieved through the contact centre at the Criminal Security Sector, a unit given the task of with dealing with complaints about financial fraud.

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.”

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Updated: August 24, 2022, 3:23 PM