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Fraud alert: UAE’s Adnoc Group issues advisory over fake investment offers

Fraudsters take advantage of people through social media

Published: Thu 18 Aug 2022, 2:59 PM

Updated: Thu 18 Aug 2022, 3:16 PM

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Abu Dhabi National Oil Company (Adnoc) Group has issued an alert for investors and residents to be cautious when dealing with investment offers on social media.

The oil giant said that some fraudsters are advertising fake investment opportunities. It asked people to source information only from the official channels.

“Recently came across a post of a public figure advertising an offer? It is likely to be fake. Don’t fall for fake offers. Please use official Adnoc Group channels for accurate and up-to-date investor information. Fraudsters are advertising fake investment opportunities. Only refer to official Adnoc channels for investment information,” the government-backed energy major said on its social media.

Adnoc Group is one of the largest energy group and it recently listed a number of its entities – Adnoc Drilling, Adnoc Distribution, Borouge and Fertiglobe – on the Abu Dhabi Securities Exchange. The entities showed strong results in their latest financial reports.

How to spot the fraud?

Adnoc Group also informed investors that they can spot a fraud and protect themselves from investment opportunities. It said posts emerging from unofficial social media accounts that request payment and personal details are fake. Similarly, poor usage of language is another sign to spot a fraud.

Public and private entities in the UAE issue advisories time and again for investors and residents in the country and abroad, alerting them and asking them to source information only through official and reliable sources in order to protect themselves from cyber fraud.

Earlier this month, Emirates said a social media post that offers vacation giveaways is not true and advised people to source all the information relevant to the airline through its official social media channels.

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