UAE cyber scam alert: Don't fall for the latest investment fraud

Cyber scams freak me out. I’ve had some close shaves. Really lucky in some cases. Thankfully, I’ve been vigilant for the most part, and it has helped.

We’re all bombarded with fake emails every day. Some demand payment for non-existent fines, and others dangle refunds. These emails come with links designed to sneak into our devices. It’s old hat by now; we’ve learned how to navigate this kind of trickery. Yet, people still fall for these scams. That’s why they keep coming.

Artificial Intelligence (AI) has permeated nearly every aspect of our lives, and cybercriminals have been quick to exploit it. What we see today — the images, voices, and formats — can look more convincing than the real thing.

That’s the key: if it’s too good to be true, it probably isn’t true.

I recently came across a couple of reels pushing an unbelievable investment offer. One claimed that if you invest Dh900, the company would use Quantum AI to turn it into Dh30,000. By the end of the year, you’d be richer by Dh150,000. Easy peasy, right? My alarm bells went off. It had all the markings of a Ponzi scheme.

I watched the clip again. A well-known British television anchor appeared to be interviewing a prominent UAE businessman. The businessman vouched for the scheme, claiming a major UAE bank backed it. But it didn’t add up.

I searched YouTube for the original video. There was nothing. I checked the official’s social media handles. Again nothing.

I dug further, and one link directed me to a Gulf News webpage. It was a fake. The page had a sloppy, patched-together look, including a collage of high-profile figures — at least one of whom rarely appears in public. Gulf News doesn’t write headlines like that, and the font was all wrong.

I sent a screenshot to the Gulf News Chief Digital Officer, who confirmed it was a phishing site. The matter was later reported to the Dubai Police’s cybercrime division.

After I spent time on the first video, I was served another clip. This one showed a top official endorsing the same scheme. I’d heard this official speak before, and I knew immediately it was fake. The voice, tone, and delivery were all wrong. But to an untrained eye, it could seem completely authentic.

That’s what cybercriminals are counting on. And that’s the scary part.

Money doesn’t come easy. It takes hard work. If someone offers easy money, it has to be a scam. Don’t hand over your hard-earned savings to fraudsters.

Still hoping for a lucky break? Buy a raffle ticket.