Foreign conmen are targeting mobile phones in the UAE with the false promise of prizes in return for confidential information.
Foreign conmen are targeting mobile phones in the UAE with the false promise of prizes in return for confidential information.

Fraudsters turn to texts



ABU DHABI // Foreign fraudsters are targeting mobile-phone users in the country with SMS text messages promising prizes to entice them to reveal personal information and bank details. For years, fraudsters have used spam emails with promises of prizes and cash rewards, in a type of con known as "phishing", to tempt people to reveal sensitive information.

The new version of this that has now spread to the Middle East is known as "smishing", a term combining SMS and phishing coined by the computer security firm McAfee Avert Labs, which first identified the scam in 2006. A number of people in the UAE have reported receiving texts from "JapanAfric Motors", telling them they have won a Toyota Land Cruiser. When The National called the contact number in one such message, a man who identified himself as Peter and said he was based in Kenya said: "We have an annual promotion and my list says you have won this car - we can ship it to any international airport in the world."

To claim the prize, all the "winner" had to do was disclose his or her name, passport number, address, email and place of work - and US$1,000 (Dh3,670) to cover shipping costs. "It is a very small cost for such a good prize," said Peter. He claimed the phone number had been found on the internet, but would not name the site. He seemed unaware which country the call was from and there were indications the con trick operated worldwide.

"Recently we have had winners in Lebanon, Zambia and Qatar," he claimed. "These people are very happy with their cars." A spokesman for Etisalat said many people were unaware of how much personal information was available about them on the internet and urged customers to be wary of fraudsters. "Practically every online or print form asks you for mobile and email addresses in order for you to obtain services," he said.

"This is almost certainly how your number got in their hands, although there was a study which showed these guys sending to random numbers could be a matter of chance." Protection of the UAE's phone and computer networks against attack rests with the Telecommunications Regulation Authority (TRA), which last year set up the Computer Emergency Response Team to monitor hacking attempts from abroad. The TRA declined to comment for this story.

In general, legitimate banks or other institutions will not require your passwords, credit card numbers or other account data online. Any email or text asking you to "verify your account", update your credit card information or provide your social insurance number is suspicious. If you have already disclosed personal information to what you think may be a phishing or smishing trap, alert your bank or whatever institution has been affected, change your passwords and review your credit card and bank statements quickly and often.

@Email:gmcclenaghan@thenational.ae

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From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
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Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

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Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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UAE’s revised Cricket World Cup League Two schedule

August, 2021: Host - United States; Teams - UAE, United States and Scotland

Between September and November, 2021 (dates TBC): Host - Namibia; Teams - Namibia, Oman, UAE

December, 2021: Host - UAE; Teams - UAE, Namibia, Oman

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Man of the match: Diego Godin (Uruguay)

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Your rights as an employee

The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.

The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.

If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.

Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.

The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.

COMPANY%20PROFILE
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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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