Cybercriminals Accelerate Online Scams During Ramadan and Eid Fitr
March 24, 2024
During the month of Ramadan, Resecurity observed a significant increase in fraudulent activities and scams.
During the month of Ramadan, Resecurity observed a significant increase in fraudulent activities and scams, coinciding with a surge in retail and online transactions. Middle Eastern enterprises, facing this heightened risk, are urged to bolster consumer protection and reinforce their brand security.
Notably, in the Kingdom of Saudi Arabia (KSA), consumer spending topped regional charts, exceeding $16 billion. This spike in e-commerce activity has, unfortunately, drawn the attention of cybercriminals who exploit these platforms to execute scams, leading to substantial financial repercussions for both consumers and businesses. The estimated total financial impact of these activities ranges between $70 and $100 million, accounting for frauds perpetrated against expatriates, residents, and foreign visitors.
Due to continued efforts in brand protection for many clients in the Middle East, Resecurity has effectively blocked over 320 fraudulent resources that were impersonating key logistics providers and e-government services. Cybercriminals are aggressively exploiting platforms such as Sadad, Musaned, Ajeer, Ejar, and well-known logistics services to deceive internet users and draw them into different scams. It is strongly advised to refrain from sharing personal and payment information on questionable sites or with individuals posing as bank or government employees.
The malicious actors utilize cloud-based hosting services like Softr, Netlify, and Vercel, which offer pre-defined templates, to create websites using AI. This method allows them to scale their operations efficiently, saving time and effort while rapidly generating new fraudulent sites at an unprecedented rate.
The full report published by Resecurity is available here:
https://www.resecurity.com/blog/article/cybercriminals-accelerate-online-scams-during-ramadan-and-eid-fitr
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Pierluigi Paganini
(SecurityAffairs – hacking, Ramadan)