Think before you click: Steer clear of bogus cryptos, experts warn UAE residents
(Reuters file)
Dubai officials on Thursday shot down speculation on a virtual asset, so-called ‘Dubai Coin’.
How do you protect yourself from cyberscams? Stay vigilant and, as the modern adage says, think before you click. Always.
Dubai officials on Thursday shot down speculation on a virtual asset, so-called ‘Dubai Coin’, claiming to be the emirate’s official cryptocurrency, after a purported Press release on its launch made the rounds on Wednesday, triggering a frenzy among market players and crypto enthusiasts.
The mere fact that ‘Dubai’ was attached to the name of this ‘asset’ was enough to generate significant investment interest. However, as with all cybercrime activity, the allure of a popular term is always used as a bait to reel in potential victims.
Dubai govt cautions against local crypto DubaiCoin after 1,000% jump in 24 hours origin-businesstoday.intoday.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from origin-businesstoday.intoday.in Daily Mail and Mail on Sunday newspapers.
Dubai Coin cryptocurrency was never approved by any official authority
Waheed Abbas/Sandhya D Mello/Dubai Filed on May 27, 2021 | Last updated on May 28, 2021 at 12.10 am
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Officials told Khaleej Times an investigation is underway.
The Dubai Electronic Security Centre announced on late Thursday night that the ‘Dubai Coin’ digital currency has not been approved by any official entity and that the website promoting the coin is an unlicensed site, which aims to phish e-mail information, passwords and phone numbers of people through an electronic form.
Dubai Media Office tweeted from its handle @DXBMediaOffice that Dubai Coin cryptocurrency was never approved by any official authority. The website promoting the coin is an elaborate phishing campaign that is designed to steal personal information from its visitors.
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The attack on a critical US artery for the transport of fuel has once again exposed the vulnerabilities of the energy industry to cyber attacks. The ransomware attack on the 2.5 million barrels per day Colonial Pipeline endangered access to fuel for the US East Coast. The pipeline, which was built in the 1960s, snakes across a distance of 8,850 kilometres and carries products sufficient to meet the total consumption of Germany, Europe’s largest economy and the world’s fourth-biggest.
So what makes the energy industry a target for attacks and why is it vulnerable?
Any impact on the energy sector can affect entire communities and even countries. An attack on a power plant or a pipeline can cause widespread blackouts, impact transportation, heating, and the functioning of critical activities in the economy.