Kaspersky Urges Users to Stay Alert Amid Wave of Fake Investment Platforms

Kaspersky warns users across the Middle East about a wave of fake investment platforms that exploit the popularity of online trading and digital investment services. Since 2024, Kaspersky solutions have blocked more than 100,000 phishing scams imitating investment platforms across the UAE, Saudi Arabia, Qatar, and Egypt. If successful, such attacks give cybercriminals access to credit card details and other sensitive information, exposing personal data to criminal misuse.

Why These Platforms Are Dangerous

At first glance, fake investment platforms can appear completely legitimate, featuring dashboards, trading charts, and even customer support chats.

Victims are often approached through social media, messaging apps, or unsolicited phone calls, where scammers pose as investment advisors promising quick and high returns. Once users are persuaded to deposit money, the platforms mimic legitimate trading operations and display rising profits to appear credible, although no real trading takes place.

Installing fake applications or clicking on phishing links carries additional risks such as exposing personal data, payment credentials, and login details. This information can be exploited for identity fraud, data breaches, or used in further attacks compromising users’ devices and accounts.

In some cases, scammers have also adopted localized or ethical branding, presenting fake platforms as “halal” or “Islamic investment” opportunities to appear more trustworthy to potential investors.

An example of a fake “halal investment” platform used by scammers

Many of these platforms use Arabic-language content and local branding to appear credible, making it even harder for users to tell the difference between genuine and fake platforms.

“Online scams have become increasingly sophisticated as cybercriminals invest significant effort into making them look authentic,” commented Olga Altukhova, Senior Web Content Analyst at Kaspersky. “They rely on trust as their way in, using every tool available, whether it’s advanced technologies like Artificial Intelligence or professional designs that mirror real investment sites.

This growing sophistication makes it increasingly difficult to tell fake from real. 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.”

Kaspersky’s warning is issued in collaboration with eToro, the trading and investing platform, as part of a joint effort to raise awareness and encourage responsible online investment behavior.

George Naddaf, Managing Director, eToro MENA, commented: “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.

Before transferring funds or sharing personal information, we urge investors to always verify that any platform they use is properly licensed and regulated, that representatives are contacting them through secure and appropriate channels, and remain sceptical of unrealistic returns. A few minutes of due diligence can protect years of hard-earned savings.”

How to Stay Safe Online

Kaspersky experts advise users to stay alert when receiving investment offers through email, social media, or messaging apps. To help users avoid falling victim to these scams, the company recommends the following best practices:

• Always choose legitimate, highly trusted investment platforms that are licensed and recognized for their credibility, such as eToro and other regulated platforms.
• Never share personal or banking information with unverified individuals or websites, and double-check web addresses or app sources to ensure they are genuine.
• Be cautious of promises of guaranteed returns or limited-time offers. Scammers often use pressure tactics to push victims into investing quickly.
• Research before investing, and only use platforms or currencies you fully understand and confirm they’re properly licensed and compliant.
• Use strong, unique passwords, enable two-factor authentication, and keep your apps and operating systems full updated from official sources.
• Use a trusted cybersecurity solution with anti-phishing protection,and carefully check any website before entering personal or financial details. A comprehensive solution such as Kaspersky Premium can help with this by blocking access to or malicious websites on both computers and mobile devices.