Dubai's Salik warns investors against scams offering instant stock buys

Dubai: The Dubai toll-gate operator Salik has issued a strong warning to investors and customers not to fall for scams coming their way as clone website or emails sent from fraudulent sources.

Investors should also be on guard against scams filtered through their social media feeds, that 'falsely carry salik's name and label'.  

"Salik has observed a surge in phishing messages circulating on various social media and online platforms," said the company in a statement. "Some of these fraudulent messages falsely claim to offer investment opportunities in Salik stocks, promising customers a chance to generate a steady income, while some others provide fake links or websites to 'recharge' a Salik account or 'buy' tag."

Customers must at all times ensure a secure connection while using URLs beginning with 'https:// instead of http://' as the former is considered secure'.

Salik has also warned customers to avoid clicking on 'suspicious' links and pop-up ads as it can redirect customers to some other malicious websites and steal one’s personal information.

At all times, investors and customers must check the official Salik website and communication channels for the most recent security upgrades, as well as verify the legitimacy of messages received online that claim to be from it.

More new investors

In the UAE, new retail investors keep signing up for each new IPO that have hit the markets since 2021-22. On DFM, Salik has been one of the standout performers. The stock is currently at Dh3.7, close to its 52-week high of Dh3.78.

It has been heavily favoured by retail investors, along with the likes of Dubai Taxi Co. and Parkin. It has also meant that scamsters have been targeting investors and wannabe stock buyers with fraudulent emails and links.

“We are constantly striving to raise awareness among the general public to remain alert about fake websites as well as various phishing emails and scams that are masquerading our identity and being circulated across social media and other platforms," said Ibrahim Sultan Al Haddad, CEO.

'Operating outside the country'

"We would like to advise customers not to reveal their personal and financial details to these accounts as these are fraudulent schemes run by scammers operating from outside the country, attempting to steal data and money. Individuals who are interested in purchasing Salik shares can deal with brokers and official channels, as well as visit Dubai Financial Market (DFM) website.”

Trading platforms in the UAE too have been issuing alerts about the need for investors not to get too carried away about revealing data, responding to 'suspect' communications, or clicking on links without multiple checks.

Equiti said it is 'working with regulators to take action against the scammers' after coming across a corporate scam impersonating the brand to deceive investors.

Cyber industry sources the levels of sophistication employed by such scams too have risen. Investors will need to do multiple checks if they are to establish the veracity.

But the message for tyro investors dabbling in stocks or asset buys, just be on the guard.