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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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Spotify Will Now Tell You If Your Favorite Artist Isn’t Real

The streaming platform is introducing an “AI Personas” label and cutting AI-generated artist profiles from its recommendations.

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spotify will now tell you if your favorite artist isn't real
Spotify

These days, the question of whether the artist you’re streaming actually exists is no longer hypothetical. Spotify intends to combat this issue by introducing a label called “AI Personas” for artist profiles that present an AI-generated, human-like identity rather than a real person. More consequentially, it will also keep those profiles out of its editorial and algorithmic recommendations by default.

From mid-September, listeners will start seeing an AI Persona badge on artist profiles, appearing in the banner and About section, in Search, and on track rows across playlists. Tapping the badge reveals whether the artist disclosed the AI identity themselves, or whether Spotify’s review team made the determination after examining the profile.

That distinction matters, because Spotify is not relying on self-disclosure alone. Artists can flag their own profiles as AI Personas through Spotify for Artists as of today, but the platform will also review profiles whose public identity – including name and imagery – appears to represent photorealistic AI-generated identities. The rollout begins with artists who have met defined audience thresholds, so the labels cover the vast majority of profiles listeners actually visit. Artists badged by Spotify’s reviewers will be notified and can self-disclose or appeal, and in the coming months listeners will be able to report suspected AI Personas themselves.

Also Read: Shokz OpenFit Pro Review: Open-Ear Audio Finally Grows Up

The company’s recommendations policy is also being tweaked. Music from AI Personas will not surface in a listener’s personalized recommendations unless, for example, they follow the artist. Spotify says all artists have a creative choice in how they present themselves, but its programming is focused on elevating music from authentic artists building careers in music.

The badge concerns identity, not production of the music itself. An artist who uses AI tools to make music is a separate question, one Spotify addresses through AI Credits and SongDNA. The AI Persona label sits alongside those features, plus Verified by Spotify and Artist Profile Protection, in what the company has made one of its top priorities this year: letting listeners trust that the artist behind the music is who they claim to be.

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