Abu Dhabi: The Abu Dhabi Public Prosecution has cautioned residents about the dangers of wire fraud amidst reports of fraudulent activity on social networks.
The authority has also warned that wire fraud is punishable with a jail term and up to Dh1 million in fines.
According to the authority, a number of individuals have recently been lured into schemes falsely promising quick profits, attractive returns, and high reward. The Public Prosecution has therefore urged internet and social media users to be vigilant, and avoid dealing with unauthorised or unscrupulous parties that use misleading advertising and marketing techniques to dupe victims.
Residents must ensure that any agencies or individuals they are dealing with have the necessary licenses for financial activities.
Wire fraud is a punishable offence under the law, with jail terms, fines between Dh250,000 and Dh1 million imposed on anyone found unlawfully appropriating movable assets, benefits, documents, or signatures using fraudulent means, a false name, or by assuming an erroneous capacity on an information network, electronic information system, or any computer means.
Residents must report any suspicious activities to the relevant authorities to help combat wire fraud, and protect the community from financial losses, the Public Prosecution has urged.