Cryptocurrency Scam Alert: Beware of Fake Investment Opportunities on Social Media

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Warning from the Interior Ministry

A new scam targeting people who have invested in stocks and cryptocurrencies has been uncovered by the Interior Ministry’s financial crimes department. This article highlights the warning signs to watch out for and provides information on how to report these scams.

How the Scam Works

The scammers pose as attractive women on social media platforms such as Instagram and LinkedIn, targeting men who have shown an interest in investing in the stock market or cryptocurrency. They strike up a conversation, gain their trust, and then introduce them to fake investment schemes that promise high returns.

Red Flags

• Scammers use social media to lure victims into buying non-existent digital currencies through fake websites.
• They create WhatsApp groups with about 25 users, who all appear to be making money from their investments and encourage others to join in.
• Victims are blocked once they stop investing, then the scammers move on to another unsuspecting individual.

The Cost of Falling Victim

According to Major Mohammed Al Abdulla, head of the financial crimes department, people have lost up to BD20,000 (USD26,500) over the course of several months.

Consequences

• Victims are left with significant financial losses.
• They may also experience emotional distress and anxiety.

What You Can Do

The Interior Ministry has launched a public awareness campaign to warn people about these scams. If you believe you have fallen victim, contact the Anti-Corruption and Economic and Electronic Security General Directorate’s hotline at 992 for assistance.

Reporting Scams

• A WhatsApp group has been created for reporting such crimes, available in both Arabic and English.
• To join the group, click on the link to the Cyber and Financial Crimes Instagram account @acees_bh.

Stay Safe Online

People should be cautious when approached with investment opportunities that seem too good to be true. They should verify the authenticity of the entities and platforms before investing any money.

By being aware of these scams and taking steps to protect yourself, you can stay safe online and avoid falling victim to cryptocurrency scams.