News

Widespread Phishing Scam Discovered In Saudi Arabia

Group-IB, a global cybersecurity firm, has published research into a scheme where scammers impersonate one of the leading manpower agencies in Saudi Arabia.

Published

2 years ago

November 9, 2022

Nour Nasir

widespread phishing scam discovered in kingdom of saudi arabia

Analysts from a leading cybersecurity firm, Group-IB, have uncovered a massive phishing scam operation meant to impersonate one of the Kingdom of Saudi Arabia’s top recruitment agencies.

The cybersecurity team found at least 1,000 malicious domains during their research, with most containing a close match to a well-known Saudi agency that offers assistance in hiring employees for the construction and services sector, as well as domestic workers. Scams of this nature are growing at a rate of 10% per year, with more than $55 billion stolen during 2021 alone.

rogue domains detected in saudi arabia scam campaign

How The Scam Worked

The fake domains and their associated URLs were meant to fool people into thinking they’re the real deal. In addition, each domain featured convincing web pages designed to mimic the official agency website. Scammers were using these web pages to convince people to enter their data, hoping to harvest banking details, as well as both login information and two-factor authentication (2FA) codes.

how the saudi arabia manpower scam campaign works

To drive traffic to these fraudulent websites, the criminals used multiple layers of social engineering, first using ads on Facebook, Twitter, and Google that encouraged SMS or WhatsApp conversations, and then sending unwitting users to the fake sites to enter their details.

Once a user had landed on a fake domain, they were persuaded to part with a small processing fee of 50 or 100 SAR (approximately $13 or $27), which enabled the scammers to harvest banking data to empty accounts and make off with user’s hard-earned cash.

Also Read: Is Your Phone Hacked? How To Find Out & Protect Yourself

“Scammers are becoming increasingly resourceful and collaborative, and spoof domain brokers are actively assisting cybercriminals. We encourage companies and organizations to monitor for signs of brand abuse, and we also urge internet users to remain vigilant so that they do not become victims of scams such as this,” says Mark Alpatskiy, CERT-GIB Senior Analyst.

Falling victim to a phishing scam can be costly, and Internet users are urged to show caution and always check URLs to verify they are legitimate before entering any personal data, as well as ensuring they are in communication with online chat services or call centers of the official company in question.

Related Topics:Cybersecurity Group-IB Hacking Saudi Arabia

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Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

1 day ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.