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884 Scam Pages Unearthed In $280K Global Investment Scam

Links to the pages were shown in Facebook ads purchased by fraudsters, who lured users into making fake investments in market-leading companies.

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884 scam pages unearthed in $280k global investment scam

Group-IB, a global cybersecurity firm working alongside the UAE Cybersecurity Council, has published new research outlining an international fake investment scam that significantly impacted social media users in the Middle East.

Experts from Group-IB’s Digital Risk Protection team discovered 884 scam pages with traffic coming from Facebook advertisements purchased by the fraudsters. The social media campaign offered users the opportunity to invest in one of 35 market-leading firms, including legitimate financial, insurance, transportation, oil, gas, and construction companies.

fake investment scam middle east uncovered

Group-IB researchers found English, Arabic, and Spanish Facebook ads. In Arabic-language advertisements, scammers enticed individuals with bold claims that they could “earn millions” by investing “a mere $200” amount.

If a user clicked on an ad, they were redirected to a scam page containing legitimate branding from a prominent company, along with a request for their name, email address, and phone number.

After filling out the form, users would receive daily emails claiming to be from a trading portal. Users would be urged to deposit funds into the fake trading account to begin buying stocks. The scammers would even resort to phone calls if a user didn’t respond. The elaborate con also requested bank details, ID, and passport copies.

Also Read: The Largest Data Breaches In The Middle East

“Retail investing is becoming increasingly popular among individuals who are looking for ways to diversify their income. This particular scam is notable as the cybercriminals leverage multiple communication channels, such as email and direct phone calls, as part of their social engineering efforts. We urge individuals to never share personal information or money with third parties unless you are certain of their legitimacy,” said Sharef Hlal, Head of Group-IB’s MEA Digital Risk Protection Analytics Team.

In total, 60% of the scam pages targeted users from the Middle East and Africa (MEA) region. Based on Group-IB’s research, the criminal campaign is thought to have caused $280,000 in financial damages between March and June 2023.

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Yango Ride Expands Corporate Transport Service In Abu Dhabi

Known as Yango Rides for Business, the solution aims to simplify business travel management for companies operating across Emirates.

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yango ride expands corporate transport service in abu dhabi

Yango Ride, a global ride-hailing service under the Yango Group, has extended its corporate transport solution, Yango Rides for Business, to Abu Dhabi. Initially launched in Dubai in 2024, the company is now expanding in a bid to simplify business travel for companies operating between both Emirates.

Yango Rides for Business offers a streamlined way to handle employee transportation through a single platform. Instead of dealing with the hassle of prepayments or reimbursement claims, businesses will be able to consolidate all ride expenses under a single corporate account that’s billed monthly. The setup makes it easier to track spending while ensuring expenses remain fully tax-deductible.

A key advantage of the service is its flexibility, allowing managers to set ride permissions and budget limits for employees and clients. Businesses can tailor transport solutions based on team needs — whether for daily commutes or specific travel requirements. Additionally, a dedicated account management system provides real-time analytics, enabling firms to monitor usage patterns and optimize costs.

Islam Abdul Karim, Regional Head of Yango Middle East, highlighted the importance of this expansion, explaining: “Abu Dhabi’s 4.5% economic growth in Q3 2024 reflects a thriving business environment where seamless mobility is essential for productivity. Yango Rides for Business simplifies corporate transportation, reducing administrative tasks and optimizing costs. By providing a centralized solution, we help companies ensure smooth employee travel experiences, supporting efficiency and growth in this dynamic market”.

Also Read: Dubai Teams Up With Elon Musk’s Boring Company For “Dubai Loop”

Meanwhile, Ivan Kaplunovich, Head of Yango Rides for Business, emphasized the benefits of the service, adding: “Today’s businesses need to balance cost efficiency with flexibility in a fast-changing environment. Yango Rides for Business gives companies a seamless way to manage corporate transportation — from controlling expenses and booking rides to simplifying billing and generating custom reports. With this level of flexibility, businesses can stay focused on growth, innovation, and delivering value”.

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