UAE: Police Arrest 3 in DH1 Million Phishing Scam
Ras Al Khaimah Police on Monday arrested three people involved in a phishing scam that targeted a company and siphoned off Dh1 million (€281,000). The accused posed as representatives of a firm with which the victim company had prior business ties.
Colonel Tariq Mohammed bin Saif, Director General of Police Operations at Ras Al Khaimah Police, while explaining the details of the case, said that the incident came to light when the company reported the e-phishing incident to the authorities. This company fell victim to an elaborate e-phishing operation, resulting in a significant financial loss.
Detailing the modus operandi of the cybercrime, Colonel Tariq said that an individual changed his identity to initiate contact with the victim company through e-mail, supposedly finalising an agreement related to their ongoing business dealings. The criminals then gained unauthorised access to the company’s e-mail system by hacking into it. They combed through the company’s e-mail contents, including purchase records and banking transactions. Upon discovering an ongoing sale agreement involving substantial money with another company, the perpetrator took immediate action. They created a fraudulent e-mail account that closely resembled the genuine domain of the supplier company.
The account mimicked the supplier’s official communication channel. They wanted all further bank transfers for sales through the new account. The company completed the sale process by transferring the money for the purchase process and waited their supply. To their surprise, after several days of the completion of the transaction, the agreement was not fulfilled, and they did not receive anything from the supplier company. The company realised they were online fraud victims and immediately rushed to the nearest police station to report the phishing case.
According to the Director-General of Police Operations, a team from the Department of Investigations and Criminal Investigators was immediately formed after the case was registered. The task force, trained to handle online crimes through research and screening, tracked down the accused and successfully located the perpetrators of the crime. The accused were found in another emirate when a large transaction, estimated to be worth millions, was noticed from an anonymous source into the suspected bank account. With the cooperation of Dubai Police, the RAK Police team reached the location and apprehended the criminals. Subsequently, the police transferred the accused to specialised authorities to initiate legal proceedings against them.
Authorities appeal to community members and businesses to exercise caution when initiating transactions and bank transfers for agreed-upon amounts with other companies or parties. To safeguard their rights and assets, people must verify the identity of company representatives through telephone conversations or in-person meetings before proceeding with any financial transactions.
Fraudsters are becoming increasingly sophisticated in their tactics and often falsely accuse their victims of fabrications, such as closing bank accounts, altering account details, or replacing them with new accounts. These fraudulent claims are made to mislead individuals or organisations and cause financial harm.
Major General Ali Abdullah bin Alwan Al-Nuaimi, Commander-in-Chief of Ras Al-Khaima Police, warned residents and business owners of the surge of cyber frauds, including e-mail phishing.
