The Abu Dhabi Public Prosecution has warned social media users to be wary of financial fraud, which makes promises of quick earnings and large returns via deceptive advertisements.
Abu Dhabi Public Prosecution warned people to be aware of such adverts promising fictitious profits on Twitter.
“نيابة أبوظبي” تحذر من الاحتيال الإلكتروني للاستيلاء على الأموال عبر الترويج لأرباح خيالية على أثر انتشار إعلان في وسائل التواصل الاجتماعي pic.twitter.com/2lW3RpHUAp
— نيابة أبوظبي (@AbuDhabipp) April 28, 2023
Users of social media have been warned to exercise caution and refrain from engaging with strangers. Over 2,400 fake job postings on social media sites that impersonated businesses from 13 Middle East and Africa (MEA) countries were recently discovered by Dubai’s Digital Risk Protection.
These tricks attracted job seekers, who were subsequently routed to phishing pages where their login information and passwords were requested. Authorities identified the scam using a variety of strategies, including AI-powered word recognition tools and logo analysis.
Penalties for Investment Scams and Cryptocurrency
The UAE Public Prosecution said last month that cases involving investment fraud, cryptocurrency schemes, and other forms of illegal money collection would be punished.
<blockquote class=”twitter-tweet”><p lang=”qme” dir=”ltr”><a href=”https://twitter.com/hashtag/law?src=hash&ref_src=twsrc%5Etfw”>#law</a> <a href=”https://twitter.com/hashtag/legal_culture?src=hash&ref_src=twsrc%5Etfw”>#legal_culture</a> <a href=”https://twitter.com/hashtag/PublicProsecution?src=hash&ref_src=twsrc%5Etfw”>#PublicProsecution</a> <a href=”https://twitter.com/hashtag/SafeSociety?src=hash&ref_src=twsrc%5Etfw”>#SafeSociety</a> <a href=”https://twitter.com/hashtag/UAE?src=hash&ref_src=twsrc%5Etfw”>#UAE</a> <a href=”https://twitter.com/hashtag/ppuae?src=hash&ref_src=twsrc%5Etfw”>#ppuae</a> <a href=”https://t.co/jVk4stvhJB”>pic.twitter.com/jVk4stvhJB</a></p>— النيابة العامة (@UAE_PP) <a href=”https://twitter.com/UAE_PP/status/1643639663410786304?ref_src=twsrc%5Etfw”>April 5, 2023</a></blockquote> <script async src=”https://platform.twitter.com/widgets.js” charset=”utf-8″></script>
Article No. 41 of the Federal Decree-Law No. 34 of 2021 on Combating Rumours and Cybercrimes was described in detail.
AED 250,000 to 1 million in fines, up to five years in prison, or both are possible for people who promote phoney competitions, cryptocurrencies, or companies in an effort to trick others into investing in them. The stolen money must also be returned by the con artist.