UAE issues warning of an investment scam using the airline name in Dubai

Asma - | UAE

A Facebook scam that uses the Emirates name to trick investors has prompted a warning from the airline.

Beware of Fraudulent Investment Schemes Misusing Emirates' Name

With pictures of the CEO and an Emirates aircraft, the deceptive post erroneously announces the opening of a new platform for investing in Emirates equities.

Deceptive Investment Scheme

An ostensibly government-regulated platform is the vehicle for the fraudulent scam, which guarantees investors returns of approximately 10% each month. "You have a unique opportunity to generate $9700 a month by investing in Emirates shares starting at $200," is the alluring premise that draws readers into the post.

Emirates' Caution

An Emirates spokesperson issued a cautionary statement against deceptive investment schemes circulating on social media, emphasizing, "We caution against fraudulent investment opportunities in Emirates circulating on a social media page. All official announcements from Emirates are exclusively hosted on our official channels.

Luring Investors

Throughout the week, the deceptive post has been flooding the Facebook feeds of those who were unaware. Respondents are redirected to the website's registration page. You may rely on us to be by your side during the entire process, as stated in the following note. Before you begin, choose your preferred language by clicking on the link below. Once you're there, fill out the registration form with your details and start your investing adventure.

Red flags and suspicion

The Trademasterhub website has only been up for a month and has no details about who owns it, according to investigations. Concerns have been raised regarding by Scamadviser, a website validity evaluation tool that uses an automated algorithm. Scamadviser says in their investigation that has a somewhat low rating based on their computer system. As a result, you need to conduct your own investigation to find out whether the website is legitimate or not.

Disappearance of the Scheme

In addition to the Facebook page endorsing the scam, Trademasterhub's website has vanished. One worrying tendency that has emerged recently is the erroneous association of reputable online platforms with prominent UAE and international institutions and personalities.

Malvertising and online scams

Cybercriminals are eroding the distinctions between deceptive advertising and malvertising by using modified graphics to give the impression of legitimacy. A Dubai-based fintech platform was allegedly the recipient of Dh50 million from Bollywood superstar Shah Rukh Khan in 2021, thanks to a deceitful get-rich-quick scheme.

Common Patterns in Online Scams

These fraudulent schemes typically follow a familiar pattern. You come across an image of a celebrity with an alluring headline while browsing social media or a reliable website, promising significant earnings through an investment scheme. Clicking on the image redirects you to a third-party page showcasing the supposed profits of the celebrity.

After providing your personal details, a fund manager contacts you, urging you to make an initial investment. You receive a link and login details for the 'trading platform,' where your investments appear to grow. You decide to invest more after seeing the apparent success. Several weeks later, the platform displays your investment as ten times higher. Excited about the potential returns, you contact the manager, who then requests a commission deposit. Following their instructions, you transfer the money, only to find that the promised funds never materialize and the anticipated call never occurs.

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