Frauds and scams have been on the rise in the United Arab Emirates (UAE) in recent times, posing challenges to both local residents and expatriates. Here are some of the common scams currently occurring in the UAE:
1. Investment scams: Scammers exploit the growing investor community by promising high returns in a short period. They pose as financial advisors or investment experts, targeting both locals and expats. Victims are convinced to invest large sums of money in fraudulent projects or pyramid schemes, with investment amounts ranging from $10,000 to over $500,000.
2. Real estate fraud: The UAE’s real estate market has attracted fraudsters who pretend to be legitimate agents or property owners. They offer attractive properties at surprisingly low prices, but ask for upfront payments or deposits to secure the property. Once the payment is made, they disappear without a trace. Buyers and tenants should conduct thorough due diligence and verify the authenticity of properties and agents involved.
3. Job scams: The promise of lucrative job opportunities in the UAE has lured many foreign workers. Unscrupulous individuals take advantage of this by deceiving job seekers with fake job offers. These scammers often request upfront payments for visa processing or work permits, only to vanish after receiving the money. Job applicants should communicate directly with companies through official channels and avoid making payments to unknown individuals.
4. Credit card fraud: Credit and debit card fraud has also seen an increase in the UAE. Fraudsters obtain personal financial information from cardholders and make unauthorized purchases or withdraw money from bank accounts. To prevent this, it is crucial to keep credit card information secure, avoid sharing details with strangers, and regularly review bank statements for any suspicious activity.
As the UAE continues to be a prominent economic and tourist hub, it is important for both locals and expats to remain vigilant, conduct thorough research, and refrain from sharing confidential personal information with unknown individuals. Additionally, relevant authorities should take strong measures to address these crimes and protect the citizens and visitors in the United Arab Emirates.