Scammers mimic real investment apps as fake platforms surge across GCC

Dubai: Cybersecurity teams are flagging a growing wave of fraudulent investment platforms across the Middle East as criminals capitalise on rising interest in digital trading.

Kaspersky reports more than 100,000 blocked attempts to imitate legitimate investment sites since 2024 in the UAE, Saudi Arabia, Qatar and Egypt. Many of these scams use professional-looking dashboards, Arabic-language interfaces and fake customer support channels to convince users that they’re dealing with genuine services.

The scale of the threat reflects how much effort scams now involve. As Olga Altukhova, Senior Web Content Analyst at Kaspersky, explains, “Online scams have become increasingly sophisticated as cybercriminals invest significant effort into making them look authentic.”

Criminal groups rely heavily on trust-building tactics, often approaching users through social media ads, messaging apps or unsolicited calls. Once money is deposited, fake platforms show fabricated profits even though no real trading is happening.

How scammers work

Scammers also exploit gaps in consumer awareness by branding some platforms as “halal” or “Islamic investments,” using familiar cultural or ethical cues to appear legitimate.

Altukhova notes that many victims overlook the smaller warning signs, adding: “They rely on trust as their way in… The key takeaway is to pay attention to basic details such as the website domain, spelling errors, payment methods and signs of secure encryption before sharing any data or investing money.”

The warning is part of a joint awareness effort with eToro, which says the rise in digital investing has created both opportunities and risks for retail users.

George Naddaf, Managing Director for eToro MENA, said that fraudsters are taking advantage of expanding investment interest: “Online investing has unlocked incredible opportunities for people to grow their wealth and take greater control of their financial futures. But as the investment landscape expands, unfortunately, so does the number of fraudsters exploiting customers’ trust.”

He urges investors to carry out basic checks before transferring funds or engaging with any platform. “Before transferring funds or sharing personal information, we urge investors to always verify that any platform they use is properly licensed and regulated… A few minutes of due diligence can protect years of hard-earned savings,” he said.

How users stay safe

Experts recommend a few practical steps for anyone considering online investment offers:

• Stick to licensed, regulated platforms.

• Double-check URLs, app stores and encryption before entering details.

• Avoid schemes that promise fast or guaranteed returns.

• Never share banking or personal data with unknown contacts.

• Use strong passwords, enable two-factor authentication and keep devices updated.

• Install cybersecurity tools with anti-phishing protection.