A person using a laptop. Getty Images
A person using a laptop. Getty Images

Police smash 'world's most dangerous' cybercrime service



International police disrupted the "world's most dangerous" cyber-crime service used to break into computer systems, law agencies announced on Wednesday.

The illicit service, called Emotet, was operated as a so-called botnet, software that infects a network of computers and allows them to be controlled remotely, Europol and its judicial sister agency Eurojust said.

Police in Britain, Canada, Germany, Lithuania, the Netherlands, Ukraine and the US teamed up to infiltrate Emotet's infrastructure.

"Law enforcement and judicial authorities worldwide this week disrupted one of the most significant botnets of the past decade, Emotet," Europol said.

The network involved several hundred servers around the world that were used to "manage the computers of the infected victims, to spread to new ones, to serve other criminal groups", the agency said.

"Investigators have now taken control of its infrastructure in an international co-ordinated action."

Emotet was offered for hire to other top-level criminals who then used it as door opener to install other types of malware, making it especially dangerous, Europol said.

This included infamous Trojans that steal bank details and credentials, and ransomware that locks files and systems and holds them for ransom for large sums of money.

Criminals use email attachments to trick unsuspecting victims into opening the mails, making them look like invoices, shipping notices and information about Covid-19.

All of these emails contained Word documents attached to the email or downloadable by clicking on a link within.

When a user opened one of these documents, they were prompted to "enable macros" so that the malicious code hidden in the Word file could run and install Emotet malware on a victim's computer.

"Emotet was one of the biggest vectors of corporate infection in ransomware and data theft attacks," Gerome Billois, a Paris cybersecurity expert for the consultancy Wavestone, told AFP.

The police action "shows that it is possible to stop cyber criminals", Mr Billois said.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

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What is a Ponzi scheme?

A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.

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Name: Almnssa
Started: August 2020
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Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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