Title: Scammers Exploit Ramadan Celebrations in Saudi Arabia: Fraudulent Activities Reach $70-$100 Million

During the holy month of Ramadan, the economic activity in Saudi Arabia saw a surge, with consumer spending in the Kingdom reaching over $16 billion. However, this increase in retail transactions online and offline has attracted the unwanted attention of cybercriminals. In this article, we will discuss the various fraudulent activities that have emerged, reaching estimated financial losses between $70 and $100 million.

A Rise in Cybercrime During Ramadan

The heightened economic activity during Ramadan has created opportunities for cybercriminals to defraud individuals and businesses alike. Some of the most common scams include:

1. Employment-based fraud
2. Romance scams
3. Loan/investment frauds
4. Cryptocurrency scams

Prevalent Scams in the Region

Smishing Scams

There has been a surge in Smishing (SMS phishing) scams, particularly those involving the impersonation of well-known logistics providers such as Aramex, SMSA Express, and Zajil Express. Cybercriminals use personal information obtained from third-party data breaches to trick individuals into disclosing sensitive information.

Phishing Websites and E-commerce Platforms

Fraudulent websites posing as legitimate shipping companies are being used to collect personal data and login credentials for various e-commerce platforms like SADAD and MUSANED. Cybercriminals employ advanced phishing techniques to bypass two-factor authentication, gaining unauthorized access to these accounts.

“Money Mule” Recruitment

Cybercriminals are exploiting job opportunities in the Kingdom of Saudi Arabia by offering non-existent jobs through official labor rental services like Ajeer. Their goal is to recruit unwitting victims as “money mules.”

Real Estate Scams

Fraudsters are targeting the Ejar platform, which simplifies property leasing by facilitating final lease agreements electronically, by creating fake websites to intercept victims’ payment data.

Cybercriminals’ Use of Cloud-based Hosting Services

Despite ongoing efforts to combat cybercrime, cybercriminals continue to launch dozens of fraudulent sites and platforms impersonating key logistics providers and e-government services. They leverage cloud-based hosting services like Softr, Netlify, and Vercel to create these fraudulent sites at an unprecedented rate.

Prevention Measures

To protect yourself from falling victim to these scams:

1. Refrain from sharing personal information and payment details with unverified sources.
2. Report suspicious activities to local law enforcement and designated contacts within these organizations.
3. Double-check websites and emails before sharing sensitive information.

Stay vigilant during this holy month and ensure the protection of your assets.