News

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.

Published

1 year ago

September 7, 2023

Nour Nasir

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.

News

1,000 Drones Light The Dubai Sky For AC Milan Celebration

Cyberdrone’s groundbreaking display marked 125 years of AC Milan football club and the 1st-year anniversary of Casa Milan Dubai.

Published

1 day ago

November 21, 2024

Nour Nasir

Cyberdrone, a leading UAV display company based in Dubai, put on a breathtaking drone light show on Monday to honor two significant football milestones: AC Milan’s 125th anniversary and the one-year anniversary of Casa Milan Dubai.

The spectacle involved 1,000 drones working in perfect harmony to project AC Milan’s iconic imagery against the city’s night sky. Highlights included the UAVs synchronizing to form the club’s iconic crest, the signature red and black jersey, and a special emblem marking its 125th year. The intricate performance demanded meticulous planning, not just in terms of choreography, but also in dealing with the necessary permits and logistics.

cyberdrone ac milan dubai

“Our goal was to spotlight AC Milan’s legacy through a stunning visual narrative,” explained Mohamed Munjed Abdulla, Director of Sales at Cyberdrone. “We celebrated the club’s history, its Dubai milestone, and the universal love for football. The show also enhanced AC Milan’s regional presence, growing its fanbase through a cutting-edge, memorable experience. Drone shows are unparalleled in leaving lasting impressions, making them perfect for driving partnerships and growth”.

Also Read: Joby Begins Construction Of Dubai’s First Vertiport For Air Taxis

Greta Nardeschi, AC Milan’s Regional Director for MENA, echoed the sentiment, adding: “Collaborating with Cyberdrone for this 1,000-drone performance allowed us to connect with our fans in innovative ways. It gave us a unique opportunity to surprise and inspire audiences while elevating our Club’s visibility and that of our partners. Cyberdrone truly helped us take AC Milan to new heights”.

This groundbreaking drone display sets a new benchmark for the Middle East’s sports sector, which already contributes around $2.4 billion annually to Dubai’s GDP alone. Sporting events also generate $1.76 billion in revenues across the region, while the MENA’s entertainment sector, valued at $41.13 billion, is growing at 9.41% annually, driven by rapid technological advancements.