UAE warns against misuse of Dubai airline name in investment fraud
A fraudulent investment scheme on Facebook misappropriating the Emirates name has triggered a warning from the airline, urging caution among potential investors.
The misleading post, adorned with images of the CEO and an Emirates aircraft, falsely announces the launch of a new investment platform for Emirates equities.
Warning Against the Emirates-Linked Facebook Investment Scam
The deceptive post lures readers with an enticing promise of generating $9700 per month through investing in Emirates shares, starting at $200. The scheme, purportedly government-regulated, guarantees investors monthly returns of around 10%.
Emirates' Cautionary Statement
Emirates responded with a cautionary statement, advising against falling for fraudulent investment opportunities on social media. The airline stressed that all official announcements are exclusively made through their official channels, distancing themselves from unauthorized investment ventures circulating on social platforms.
Luring Investors to TrademasterHub
The deceptive Facebook post flooded feeds throughout the week, redirecting respondents to the registration page of trademasterhub.com. The website, however, raises red flags with only a month of existence and lacks information about its ownership. Scamadviser, an online validity evaluation tool, flagged trademasterhub.com for further investigation, indicating a potentially low rating.
Scheme's Disappearance
Notably, both the Facebook page endorsing the scam and the Trademasterhub website have disappeared. This aligns with a concerning trend of associating reputable online platforms with prominent institutions and personalities, a tactic employed by cybercriminals.
Cybercriminal Tactics
Cybercriminals blur the lines between deceptive advertising and malvertising by using manipulated graphics for the appearance of legitimacy. This is reminiscent of a 2021 incident where a Dubai-based fintech platform allegedly received Dh50 million from Bollywood superstar Shah Rukh Khan through a misleading get-rich-quick scheme.
Common Patterns in Online Scams
The fraudulent scheme follows a predictable pattern, often featuring a celebrity image and enticing headlines promising significant earnings. Users are redirected to a third-party page, where apparent profits are showcased. After providing personal details, a fund manager contacts the user, urging an initial investment. Subsequent instructions lead to increased investments, only to result in unfulfilled promises and lost funds.
As online scams persist, users are advised to remain vigilant, verify information, and conduct thorough investigations before engaging in any investment opportunities promoted on social media platforms.
