A Dubai retiree has lost more than Dh400,000 in an online investment scam, wiping out savings accumulated over 30 years after fraudsters lured him with promises of profits.
The man initially transferred small amounts to an investment group he discovered on social media. After receiving what appeared to be investment returns, he began transferring larger sums. However, when he tried to withdraw his money, the fraudsters demanded additional payments.
He continued making transfers for nearly two months before approaching the police. By then, the money had been moved through multiple personal bank accounts, making recovery difficult.
Speaking to Khaleej Times, Ali Saeed Al Yamahi, director of Dubai Police’s Anti-Fraud Center, said social media-related fraud accounts for around 50 per cent of reported fraud cases.
He said scammers exploit people’s desire for convenience, lower prices and quick profits to persuade them to make payments without verifying the individuals or businesses involved.
Social Media Scams Target Buyers and Investors
Fraudsters advertise a wide range of products and services online, including insurance policies, domestic workers, vehicles, number plates and investment opportunities.
They often use attractive prices and seemingly profitable offers to convince victims to pay deposits or transfer money before confirming whether the provider is legitimate.
Al Yamahi warned residents against transferring money to personal bank accounts when paying for services that should be provided by authorised businesses.
He said some scammers supply multiple bank account numbers registered under different names and ask victims to split payments between them.
Young Jobseekers Also at Risk
People aged between 20 and 25 are among those being targeted through fake remote-work and part-time job offers, Al Yamahi said.
Fraudsters may ask job applicants to open bank accounts or digital wallets to receive and transfer money, potentially involving them in transactions linked to criminal activity.
Some victims are subsequently encouraged to invest their own savings after seeing transactions that appear to demonstrate substantial earnings.
Investment scams also target people with existing savings. In one reported case, a victim invested approximately Dh1 million after collecting money from family members, only to discover that the funds could not be recovered.
Al Yamahi warned residents to be particularly cautious of investment schemes promising monthly returns of 20 or 30 per cent.
Unusually high returns over short periods should be treated as a warning sign, he said.
Scammers Impersonate Police and Government Officials
Another common tactic involves callers pretending to represent government authorities or the police.
Victims may be told that their bank accounts are under investigation or that their money could be frozen unless they transfer funds to another account for verification.
In one case, a man was persuaded to transfer money over approximately a month after being threatened with an investigation into his finances. The funds were eventually moved through accounts inside and outside the UAE.
In another incident, a potential victim was instructed to leave his home and book a hotel room while awaiting further instructions about transferring money.
Police intervened and helped him identify inconsistencies in the caller’s uniform, preventing the attempted scam.
Al Yamahi stressed that residents should never assume a caller is genuine simply because the phone number appears to be from the UAE. People should contact the relevant authority through official channels rather than follow instructions from unknown callers.
Fake Links and AI Deepfakes Pose Further Risks
Fraudsters are also using fake consumer complaint links to collect personal information. They may later contact victims while posing as officials handling their complaints and ask them to download applications that could expose sensitive data.
Al Yamahi warned residents against clicking suspicious links or installing unverified applications.
He also said police were monitoring the potential use of artificial intelligence to manipulate voices and appearances through deepfake technology.
Although reports of such cases had not yet reached high levels at the time of the interview, he expected the threat to grow.
How to Report Online Fraud in Dubai
Anyone who suspects they have been targeted by a scam should report it as quickly as possible through Dubai Police’s official reporting channels.
Residents can report suspected fraud through:
- Dubai Police’s eCrime platform.
- The Dubai Police mobile application.
- Police Eye.
- The 901 non-emergency number.
Al Yamahi warned that delays in reporting can make recovering stolen money more difficult, as fraudsters may move funds through several accounts within minutes.
He urged residents to verify sellers, employers and investment providers before making payments, avoid suspicious links and unverified applications, and never transfer money simply because someone claiming to represent a government authority demands it.
He added that public awareness remains an important defence against fraud and encouraged residents to share warnings with family and friends to help prevent further victims.
Image caption: A person holds a smartphone displaying a “Scam Alert” message on an incoming call screen. Photo: Getty Images.
