UAE government warns of online investment scams

Two government watchdogs in the UAE have launched a campaign to raise public awareness of fraudulent online investment schemes.

The Telecommunications and Digital Government Regulatory Authority has collaborated with the Securities and Commodities Authority for the initiative.

The campaign has come on the back of a growing number of inquiries via social media to the body about online scams.

According to the telecoms regulator, the intention is to promote the legitimate and legal methods of online investment and the licensed investment entities in the country.

It has also published general guidelines on preventing fraud such as verifying authorisations and licensing and questioning investments that promise high rates of returns.

“This campaign is part of the authority’s social responsibility and its role as the entity responsible for promoting digital lifestyle,” said Mohammed Al Zarooni, chief executive of policies and programmes department at the Telecommunications and Digital Government Regulatory Authority.

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