Boubyan Bank: Fake Investment Ads Are a Financial Fraud Tactic; Verifying Sources Is Essential
Boubyan Bank stressed the importance of verifying the identity and licenses of entities promoting investment opportunities before making any decisions, warning against fake ads that use modern techniques to appear credible.
Translated by Qiyas from الجريدة — Original source
Amid the rapid evolution of cyber fraud tactics, Boubyan Bank has emphasized the importance of verifying the identity of entities promoting investment opportunities and products through investment channels and social media platforms, and ensuring they hold the necessary licenses before making any investment decisions or transferring funds. The bank stressed the need to remain vigilant against fake advertisements that exploit the widespread reach of these channels to target individuals, particularly investment novices, by persuading them with promises of high and quick returns.
This initiative is part of the bank’s ongoing awareness efforts and its support for the “Let’s Be Aware” campaign, which aims to raise financial and security awareness, promote a culture of safe use of digital services, and educate the public about modern fraud methods and how to handle them.
The bank clarified that fraudulent advertisements have become more sophisticated and capable of mimicking genuine content. They may use the names or logos of well-known entities, impersonate reputable companies and figures, and employ images, videos, and content created using modern technologies and artificial intelligence. These tactics aim to lend credibility to non-existent offers and opportunities, exploiting the limited investment knowledge of some individuals.
It noted that the professional appearance of an advertisement or its wide circulation does not guarantee its reliability. Some fraud attempts begin with an advertisement or direct message, then direct victims to fake accounts, websites, or links that request personal and banking details or ask them to transfer money to unknown parties.
Boubyan urged potential investors not to rely solely on the information provided in advertisements. Instead, they should verify the name, nature of activity, and license validity of the advertising entity through the official websites of relevant regulatory authorities, as well as confirm the authenticity of email addresses and social media accounts used for communication.
The bank also stressed the importance of avoiding transferring money to personal or unknown accounts, refraining from sharing passwords, one-time passwords (OTP), or card and bank account details, and being cautious of any party that pressures individuals to make quick decisions or claims guaranteed returns within a short period.
Boubyan concluded by reaffirming its commitment to continuing its awareness efforts through its official channels and digital platforms, contributing to strengthening financial and banking literacy and empowering various segments of society to make more informed and secure decisions, and to verify investment opportunities circulating through digital channels before engaging with them.
