Kaspersky has issued an urgent warning to users across the Middle East regarding a rising wave of fake investment platforms exploiting the growth of online trading and digital investment services. Since 2024, Kaspersky solutions have blocked more than 100,000 phishing attempts that impersonated well-known investment platforms in the UAE, Saudi Arabia, Qatar, and Egypt. Successful attacks could allow cybercriminals to access credit card details and other sensitive information, putting users at risk of identity theft and financial fraud.
Why These Platforms Are Dangerous
Fake investment platforms often look legitimate, offering dashboards, trading charts, and convincing support interfaces. Cybercriminals target users through social media, messaging apps, and unsolicited calls, posing as financial advisors promising high and fast returns. Once users deposit funds, the platforms mimic real trading activity and display fake profits to create the illusion of legitimacy, while no actual trading occurs.
Additional Risks from Fake Apps and Links
Installing fraudulent apps or clicking phishing links can expose personal data, login credentials, and payment information, which may be exploited for identity theft, account breaches, or other cyberattacks. In some cases, scammers present platforms as “halal” or “Islamic investments” to appear more trustworthy to potential investors. Many of these platforms also use Arabic-language content and local branding, making it harder for users to distinguish genuine platforms from fake ones.
Expert Warnings
Olga Altukhova, Senior Web Content Analyst at Kaspersky, commented:
“Cyber fraud is becoming increasingly sophisticated, with criminals making scams look authentic. They rely on trust to compromise accounts, using every available tool, from AI-powered techniques to professional site designs that mimic real investment platforms. The key is paying attention to basic details such as domain names, spelling errors, payment methods, and secure encryption indicators before sharing any personal information or investing money.”
This warning comes in collaboration with eToro, as part of a joint effort to raise awareness and promote responsible online investing. George Nedav, CEO of eToro in the Middle East and North Africa, said:
“Online investment offers individuals opportunities to grow wealth and take control of their financial future. However, as the investment market expands, scammers increasingly exploit customer trust. We urge investors to verify that platforms are licensed and regulated, interact only through secure official channels, and remain skeptical of unrealistic returns. A few minutes of caution can protect years of hard-earned savings.”
Best Practices for Staying Safe Online
For Users:
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Always choose legitimate, licensed, and reputable investment platforms such as eToro and other regulated services.
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Never share personal or banking information with unverified websites or individuals. Verify website URLs and app sources.
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Be cautious of guaranteed returns or limited-time offers, which scammers often use to pressure victims into investing quickly.
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Research thoroughly before investing, using platforms and assets you understand and are legally authorized.
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Use strong, unique passwords, enable two-factor authentication, and keep operating systems and apps updated.
For Organizations:
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Train employees to recognize phishing attempts and suspicious links.
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Monitor the dark web for employee credentials and former staff resumes. Train HR to detect “shadow experience” in applicant histories.
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Employ multiple Threat Intelligence sources to stay informed about techniques and tactics used by cybercriminals.
Technical Protection
A comprehensive solution such as Kaspersky Premium can protect users from phishing and malicious websites on both PCs and mobile devices, adding an extra layer of security when investing online.
