Interpol chief Jurgen Stock warned that organised crime would seek to exploit new coronavirus vaccine programmes. Leslie Pableo for The National
Interpol chief Jurgen Stock warned that organised crime would seek to exploit new coronavirus vaccine programmes. Leslie Pableo for The National
Interpol chief Jurgen Stock warned that organised crime would seek to exploit new coronavirus vaccine programmes. Leslie Pableo for The National
Interpol chief Jurgen Stock warned that organised crime would seek to exploit new coronavirus vaccine programmes. Leslie Pableo for The National

Interpol: organised crime plotting vaccine scams


Paul Peachey
  • English
  • Arabic

Organised crime gangs are expected to produce fake Covid-19 vaccines and steal supplies as countries embark on mass immunisation campaigns, global police organisation Interpol said.

The alert came after the UK became the first country to approve the Pfizer/BioNTech jab, with other countries and drugs expected to follow soon.

Interpol said that the programmes could provide lucrative opportunities for criminals seeking to tap into the rush for vaccines with faked versions and online scams.

Organised crime has already profited from the pandemic by exploiting global demand for personal protective equipment and consumers searching online for testing kits.

Interpol said the pandemic had “triggered unprecedented opportunistic and predatory” criminal behaviour, including the advertising and sale of fake vaccines.

It said that police and regulatory bodies had to be ready for an onslaught of criminal activity connected to the global launch of vaccines.

“As governments are preparing to roll out vaccines, criminal organisations are planning to infiltrate or disrupt supply chains," said Interpol head Jurgen Stock.

“Criminal networks will also be targeting unsuspecting members of the public via fake websites and false cures, which could pose a significant risk to their health, even their lives.”

Interpol, which is based in Lyon, France, also warned of a possible rise in the online sale of substandard testing kits as international travel gradually resumes.

“To avoid falling victim to online scams, it is important to be vigilant, be sceptical and be safe, as offers which appear too good to be true usually are,” it said.

An analysis by its cybercrime unit revealed that more than half of the online pharmacies suspected to be selling illicit medicine were also connected to malicious software and spamming that could target unsuspecting buyers in further frauds.

Interpol in April said that cybercriminals had increased their efforts to exploit the pandemic by locking hospitals out of their computers unless they pay large ransom payments. It identified a significant increase in attempted ransomware attacks against key organisations involved in the virus response.

Ransomware stops organisations from accessing vital files until they pay a ransom – usually in bitcoin – in return for a key to unlock their systems.

Key products and UAE prices

iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229

iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649

iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179

Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.

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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.”

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UAE SQUAD

Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Shaiman Anwar, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Ahmed Raza, Sultan Ahmed, Imran Haider, Qadeer Ahmed, Chirag Suri , Zahoor Khan