A website selling fake Covid-19 vaccines in the US and a spike in online shopping scams in the UK are among a rising tide of fraud cases being reported in relation to the coronavirus outbreak.
On Sunday, the US Department of Justice said it had shut down a website purporting to sell a coronavirus vaccine, marking its first act of federal enforcement in connection with the pandemic.
Lawsuits were filed against the site coronavirusmedicalkit.com, which was attempting to con customers with a statement on its homepage that read: "Due to the recent outbreak for the Coronavirus (Covid-19) the World Health Organization is giving away vaccine kits. Just pay $4.95 for shipping."
There is currently no vaccine for the new coronavirus and authorities in the US and other countries are struggling to contain the rise of misinformation that has accompanied the spread of the pandemic.
In the UK, authorities have seen an increase in reports filed on fraudulent activity linked to the coronavirus. The national police reporting centre Action Fraud said it had received 105 fraud complaints since February 1, with a spike in recent days after 38 cases were reported from March 14 to 18 alone.
Many relate to online shopping scams with orders for products that never reached the buyer, including hand sanitisers, face masks and other hygiene products to reduce the risk of infection.
There are also reports of scammers with bogus hygiene products posing as door-to-door salespeople, and of thieves offering personal shopper services to steal people's money. Older people, who have been strongly advised to observe strict social distancing measures, are particularly vulnerable, the Metropolitan Police said.
“We have recently received a small number of reports of individuals offering to go shopping for the elderly within our community as a means to then keep their money,” the Met said in a tweet last week.
Another common tactic is fraudsters contacting victims over email and pretending to be from research organisations affiliated with the Centres for Disease Control and Prevention (CDC) and the World Health Organisation (WHO).
The victims are offered access to a list of coronavirus-infected people in their area, accessible via a link which then leads to a malicious website or asks them to make a payment in Bitcoin.
Australia's cyber security agency Scamwatch has warned that fraudsters are adapting technology to play on people’s fears around coronavirus. Since February 1, Scamwatch, which is run by the Australian Competition and Consumer Commission (ACCC), has received 94 reports of scams about coronavirus, the agency said in a statement released last Friday.
Popular scams include misinformation about cures for the disease or pedalling offers of investment advice in the coronavirus economy. Others claim to be from health authorities in an attempt to access people's personal data, including bank details.
“Understandably, people want information on the pandemic, but they should be wary of emails or text messages claiming to be from experts. For the most up-to-date information about the coronavirus, visit the Department of Health and the World Health Organisation websites directly,” ACCC Deputy Chair Delia Rickard said.
London-based Action Fraud has received reports of over 200 coronavirus-related phishing emails attempting to steal personal information through a range of tactics.
“We have already seen fraudsters using the Covid-19 pandemic to scam people looking to buy medical supplies online, sending emails offering fake medical support and targeting people who may be vulnerable or increasingly isolated at home,” Graeme Biggar, Director General of the National Economic Crime Centre said.
“These frauds try to lure you in with offers that look too good to be true, such as high return investments and ‘healthcare opportunities’, or appeals for you to support those who are ill or bogus charities,” he added.
The warnings came as a UK-based think tank, Policy Exchange, warned that the pandemic was the biggest policing challenge for 75 years.
The report, Policing a Pandemic, said there would be potential increase in violence between drug gangs fighting over dwindling profits.
“The Government will have to give them [the police] all possible support, including military back-up so that the police can maintain law and order on the streets,” said Richard Walton, a former senior London counter-terrorist officer who co-authored the paper.
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Red Bull Salzburg (AUT) v Bayern Munich (GER)
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Expert advice
“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”
Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles
“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”
Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre
“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”
Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
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Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
The UAE squad for the Asian Indoor and Martial Arts Games
The jiu-jitsu men’s team: Faisal Al Ketbi, Zayed Al Kaabi, Yahia Al Hammadi, Taleb Al Kirbi, Obaid Al Nuaimi, Omar Al Fadhli, Zayed Al Mansoori, Saeed Al Mazroui, Ibrahim Al Hosani, Mohammed Al Qubaisi, Salem Al Suwaidi, Khalfan Belhol, Saood Al Hammadi.
Women’s team: Mouza Al Shamsi, Wadeema Al Yafei, Reem Al Hashmi, Mahra Al Hanaei, Bashayer Al Matrooshi, Hessa Thani, Salwa Al Ali.
MATCH INFO
Europa League final
Who: Marseille v Atletico Madrid
Where: Parc OL, Lyon, France
When: Wednesday, 10.45pm kick off (UAE)
TV: BeIN Sports
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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.”
Sri Lanka's T20I squad
Thisara Perera (captain), Dilshan Munaweera, Danushka Gunathilaka, Sadeera Samarawickrama, Ashan Priyanjan, Mahela Udawatte, Dasun Shanaka, Sachith Pathirana, Vikum Sanjaya, Lahiru Gamage, Seekkuge Prasanna, Vishwa Fernando, Isuru Udana, Jeffrey Vandersay and Chathuranga de Silva.