A recent collaboration between cybersecurity firm Group-IB and the UAE Cybersecurity Council has uncovered an international investment scam targeting social media users in the Middle East and Africa region.
The scheme involved 884 fake Facebook pages impersonating legitimate companies in sectors such as finance, insurance    , transportation    , oil    , gas    , and construction    . These scammers enticed users with promises of earning millions by investing a small amount of money . Once users clicked on the ads , they were redirected to scam pages where personal information like name, email address , and phone number was requested. The scammers then bombarded users with daily emails and phone calls, persuading them to deposit funds into a fake trading account . This fraudulent campaign resulted in an estimated $280,000 in financial damages between March and June 2023 .
To protect themselves, individuals are advised to exercise caution and refrain from sharing personal information or money with third parties unless they are absolutely certain of their legitimacy. This discovery highlights the need for increased awareness and vigilance in the face of evolving cyber threats. It also underscores the importance of collaboration between cybersecurity firms and organizations like the UAE Cybersecurity Council to combat such scams effectively.