Analysts expect Etihad Airways, Dubizzle, and Five Holdings are some of the firms that could list on Dubai and Abu Dhabi bourses
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Qaisar Mahmood, owner of Asaa Tours and Travels, learned the hard way about the dangers of sharing his financial information on social media platforms. After putting his debit card details on a social media app to send a Dh60 gift to a content creator he admired, Mahmood faced a series of unauthorised transactions that drained his bank account.
“I had sent Dh60 as a token of appreciation to a creator on TikTok in the morning. A few hours later, I started receiving SMS alerts that my account balance was being deducted by a food chain. The amounts ranged between Dh80, Dh40, and Dh50,” said Mahmood.
Within a few minutes, Mahmood lost over Dh1,000. “When I realised it was a scam, I immediately contacted my bank and requested they block my card,” he said. “To protect myself further, I transferred all the remaining money from my account to another account.”
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The incident has cautioned him of online transactions that were being done from his account for giving away his bank details. “I want others to learn from my mistake. Social media platforms might seem harmless, but entering your financial details without proper verification can make you a victim of a financial scam,” he added.
For Mahmood, the experience has served as a costly lesson. “I hope others will take extra care and think twice before sharing their details online. It’s better to be cautious than regret later.”
Another incident was shared by Anees, a resident of Al Tawoon and an online store owner, who fell victim to an online scam after entering his bank details on a social media platform for a sponsored advertisement.
Anees explained that he used his debit card details linked to his business account to promote his products on a popular social media app. However, hours after making the entry, he started receiving SMS alerts that money was being deducted in US dollars from his account.
“Initially, I lost about $3 while I was praying my Asr prayer,” he said. “When I finished my prayer, I checked my messages and saw that more than $50 had been deducted from my account. And it was in just three minutes,” said Anees, who blocked his card after reaching home.
Fortunately, Anees had a habit of transferring funds from his business account to his savings account, limiting his losses to $128 (approximately Dh470). “I don’t keep a lot of money in my business account, and that precaution saved me from a bigger financial blow,” he said.
The transactions were being processed outside the UAE. When he contacted his bank, they promptly blocked his card and initiated steps to replace it. “The bank assured me they would investigate the matter. I am hoping this problem is resolved soon,” said Anees, adding he has received a new card from his bank and the data was compromised.
Authorities on many occasions have encouraged residents to report suspicious activities immediately and to regularly monitor their bank statements to detect unauthorised transactions.
These instances are a reminder of the vulnerabilities in the digital age. “I urge others to be extra cautious when dealing with financial transactions online. Even small errors can lead to significant losses,” Anees said.
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