Cybersecurity Firm KASTERSKY has issued an Alert Alert for users in the Middle East to stay vigilant amid a growing wave of investment platforms designed to steal personal and financial data.
As of 2024, Kaspersky solutions have blocked more than 100,000 Phristing scams imitating legitimate trade and investment across the UAE, Saudi Arabia, Qatar and Egypt.
The company said these scam sites are increasingly convincing, often featuring fancy dashboards, trading charts and customer support chats. Victims often contact social media, messaging apps or unsolicited phone calls from scammers posing as investment advisors promising high returns.
When the user deposits money, the platforms simulate the trading activity and show a false profit that is enough to be credible, while no real transaction takes place.
Many incoming platforms also use Arabic language content, local branding and “halal” or “Islamic Investment” Labels to appear legitimate. Clicking on phishing links or downloading fake apps can reveal sensitive information, such as verified payment information and login credentials, that can be used for identity theft, fraud or other cyberattacks.
“Online Scams are more and more supported as cybercriminals invest significant effort to make them look authentic,” said Olga Altukhova, Additional Web content analyst at Kaspersky.
“They rely on honesty in their approach, using all the tools available, whether it’s advanced technology like real artificial intelligence like a website background.
This warning follows a joint awareness initiative between Kaspersky and Etoro, a global trading and investment platform, aimed at promoting safer ways to invest online.
George Naddaf, Managing Director of Etoro Mena, said investors should always ensure that platforms are licensed and regulated before transferring money. “A few minutes of diligence should save years of hard-earned savings,” he said.
Kaspersky advises users to remain vigilant when receiving investment offers via email, social media or messaging apps. The company recommends choosing platforms with licenses and licenses only, avoiding the sharing of personal information with unverified contacts, and doubting the possibility of a guaranteed return or time.
Users should also maintain strong passwords, enable two-factor authentication, and use comprehensive cybersecurity software to protect against data theft.
The company added that awareness and vigilance are always a strong defense against online fraud as scammers continue to evolve their ways to exploit digital investment trends in the region.
