A UAE resident lost nearly $200,000 (Dh734,000) after falling victim to a fake online trading platform five years ago. Despite the passage of time, scammers are still contacting her, attempting to lure her into further traps.
The ordeal began in June 2019 when the woman saw a Facebook ad for a trading site, UFX.com, which no longer exists. Intrigued, she shared her details to open an account. Soon after, an agent contacted her, requesting proof of residence, including her ID, phone bill, and lease contract. Though the calls came from Bahrain, the agents seemed professional and even had a ‘documentation department.’
Promises of Profit Turned into Huge Losses
Initially, the woman deposited $50,000 after being convinced of secure trading systems. Small profits of $2,000 daily made her trust the platform. She later deposited another $50,000 but lost the amount when the “market dipped.”
When she tried to withdraw her remaining funds, the agent persuaded her to keep trading, promising to recover her losses. Even while on vacation, the agent lured her into “the deal of a lifetime” in the oil industry, urging her to take a Dh300,000 loan to recover losses. Unfortunately, the deal resulted in even greater losses, leaving her in financial distress.
Scammers Still Target Victim
The woman stopped responding to calls after realizing the fraud, but scammers kept contacting her. Recently, they claimed her account was transferred to a new platform, Amana, and provided login details to a fake website titled Noor Capital. She quickly identified it as another scam.
Expert Advice: Be Alert Against Evolving Scams
Lt-Col Ali Al Nuaimi of Abu Dhabi Police emphasized that scammers often reuse names and logos of trusted organizations to trick victims. “They make it seem like you’re winning at first, pushing you to invest more,” he explained. “Online fraud is constantly evolving.”
A Fitness Trainer Shares His Loss
In another case, Serbian fitness trainer Goran Jovanovic lost Dh2,500 after scammers posed as Dubai Police. They claimed his identity was being misused and asked for an OTP (one-time password) to resolve the issue. The OTP, however, granted them access to his bank account.
Lt-Col Ali Al Nuaimi reassured that government applications like UAE Pass and Abu Dhabi Police are highly secure and almost impossible to counterfeit. He urged residents to stay vigilant and never share sensitive details like OTPs.
