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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.
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.
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.
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“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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AltoVolo Opens Orders For Limited Edition Sigma eVTOLs
Early buyers can now reserve build slots for AltoVolo’s 500-mile hybrid aircraft through a new online configurator.
AltoVolo has started taking pre-orders for its first electric vertical take-off and landing aircraft, the Sigma, moving the startup closer to commercial rollout. Customers can now secure a build slot with a £860 deposit and customize every detail online — from paintwork to seatbelt stitching. It’s the first configurator of its kind for a civilian eVTOL, mirroring how luxury car brands let clients tailor performance models before production.
The Sigma runs on a hybrid-electric tilting jet system built for long range and low noise. It can travel up to 500 miles at a 220-mph cruise, and is over 80% quieter than a helicopter. The three-seater weighs just 980kg and can maintain stable flight even if one jet fails. Safety systems include triple-redundant controls, thrust-vectoring stability and a ballistic parachute.
“We will be delivering an ultra-refined hybrid electric aircraft,” said founder and CEO Will Wood. “We believe there are thousands of customers for this type of cutting-edge technology”.
The first 100 units will come with exclusive materials and finishes. AltoVolo is also setting up a global service and maintenance network, with early planning for overhaul schedules already underway. The company’s focus on ownership experience echoes its ambition to anchor itself alongside established aviation brands rather than pure tech ventures.
To help new owners train, the company has built a full-scale simulator that replicates the Sigma cockpit in carbon fiber and leather. Pilots can log time toward a license using the system, aligned with the new US MOSAIC rules that ease certification for powered-lift aircraft. Certification work in Europe and the UK continues in parallel, signaling growing international alignment around light sport and eVTOL regulation.
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Noise inside the cabin has become another design focus. Engineers are refining internal vibration levels and developing a responsive soundscape that shifts with each jet’s power load — part feedback, part theatre.
Urban air mobility projects across the Gulf and elsewhere are pushing regulators and manufacturers to meet in the middle. Dubai, Riyadh and Doha have each outlined plans for air taxi corridors this decade. AltoVolo’s hybrid Sigma, sitting between electric promise and aviation realism, looks built for that middle ground.
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