Fraudsters Exploit Rising Gold Prices to Lure Victims with Enticing Offers

Cybersecurity experts have warned against buying gold alloys online and on social media platforms, stressing the spread of fake ads that entice victims to buy gold and silver at seductive prices from outside the state, in exchange for converting money as a carton until it is received, underscoring the importance of dealing only with authorized sellers.

They pointed to the proliferation of modern online scams, most notably artificial intelligence trading robots, digital gold or gold-plated symbols, digital currencies that fraudsters claim are backed by real gold, fake software with almost the same name without any real coverage, plus electronic gold wallets that claim to be able to buy and store digital grants, but most of them don't have any real gold, just numbers in the app.

Cybersecurity expert Ahmed Al Zarouni said social-media fraud is no longer limited to gold, but has spread to silver, copper and many other metals, goods and services. Fraud gangs lure victims through fake pages offering gold, bullion and other goods at attractive prices, claiming they can bring them from abroad more cheaply.

He stressed the importance of those interested in buying gold completely away from buying it through social media sites and accounts, to avoid fraud and deal only with authorized sellers face-to-face.

For his part, technical expert Sami A Nour saw that the dream of quick wealth is an unbreakable ploy, having begun tracking it since 2008 and not finding that consciousness has touched people as much as it has been touched by the hands of renewed scammers over the decades, it has now evolved with sophisticated platforms, inspired by professionalism and legality.

He said that trading campaigns are not limited to gold but also stocks, forex, and digital currencies, but they take advantage of the trend of social media talk about gold, which contributes to better reach for their ads.

He noted that these fraudulent campaigns are becoming more active with the emergence of several Telegram groups or the emergence of a live broadcast on TikTok attracting victims of such trading, as well as targeted misleading advertisements reaching the public which are paid advertisements, and some scammers take advantage of investment conferences in the state and register in them to be able to send messages directly to those registered at the conference or exhibition. We warn that in order to reduce these targeted fraud attacks, the algorithm must be filtered and reset by removing old concerns, especially trading concerns and others, and when those ads or TikTok threads appear, they must be reported so that they do not reappear to the user.

You also have to be careful about registering on the platforms, investing only in the state's financial market, and not entering bank details into any website, as once fraudsters get the card they will be able to withdraw money continuously. We advise not to buy gold from the internet, but from local markets in the country, and if any misleading content is detected to profit through gold, it should be reported to the relevant authorities.

For his part, digital media and artificial intelligence expert, Dr. Mohammed Al-Faqqi, explained that there are several methods of fraud in gold trading, including fake trading platforms, where the scammer creates similar websites and apps on 100% of the big popular platforms, and once the victim deposits his money on the platform it disappears or closes the account, and can be detected by verifying the existence of a license for the platform, and if there is a license number without a link or link to another site, this is a dangerous indicator. Attention should be paid to sites that end with .live or .trade instead of .com, as they are often duplicates.

And he's alerted to another type of fraud: E-Gold Wallet, a new app that claims to be an e-wallet that can buy and store digital grams, but most of them don't actually have any gold, just numbers in the app. We advise individuals to avoid fraud, not believe any promises of quick or guaranteed profits, not deal with an unlicensed platform, search for the name of the company on Google+ (Scam) before transferring any money, and invest a small amount first as a test, while Abu Dhabi police warned of new ways scammers are developing to pace their victims, taking advantage of rising global gold prices, and persuading some to buy it during the current period, for bribery and fraud. Through fake offers and tempting prices and a fake go.

Abu Dhabi police reported that "every day, scammers invent new ways to trick their victims, and you may get a phone call asking for an early transfer, or a fake bank note with a dangerous link, and you may be tempted by a fake investment ad that promises you imaginary profits, or a fake sale of gold at seductive prices, or even booking luxury wallets at very low prices, only to find out that you paid your money for nothing".

The head of the Cybercrime Division, presented by Emarat Al Youm's Knight in Charge, said that fraud techniques are sophisticated and renewable, with scammers focusing on events and matters of public interest in order to carry out their criminal operations, noting that "one of these methods is to exploit the rise in global gold prices by promoting fake ads on social media, To hunt down victims interested in buying gold at tempting prices, or being scammed by selling them fake gold".

Al-Nawmi stressed the importance of the public being cautious in their financial transactions, buying from reliable and licensed sites and places in the state, and completely avoiding buying such valuable collections from anonymous online sources, or transferring money to fraudsters.

He highlighted the importance of not believing fake social media ads that offer goods, products or services at tempting prices, primarily aimed at seizing and defrauding people's money.

Submitter Ali Farsa al-Naimi stressed that the Abu Dhabi Police is continuously developing quality initiatives to keep pace with rapid technological developments, and supports the digital security system through the Criminal Information Centre to combat cybercrime, which means monitoring and analyzing new cybercrimes, and taking precautionary measures to limit their spread.

He pointed out that the Communication Centre embodies the concept of an active partnership between the security and financial sectors, and is one of the leading initiatives reflecting Abu Dhabi Police's commitment to strengthening the digital and financial security system, and stressed the importance of the role of community members in reporting speed, which has a direct impact on the success of recovery and early intervention processes.

Immediate report .

Abu Dhabi Police urged the public to report attempted online fraud immediately through its round-the-clock Aman service: by calling 8002626, texting 2828 or emailing aman@adpolice.gov.ae. It stressed that public awareness is the first line of defence against cybercrime.

Source: Emarat Al Youm