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Electronic financial fraud crimes invade Arab countries

Electronic fraud

London, (Business News Report) – A Saudi study has revealed the extent of the electronic financial fraud crimes in Arab world.

The study said that there are five types of financial fraud, and they are the most common in the Arab world.

The scientific study prepared by the Naif Arab University for Security Sciences (based in Riyadh), and prepared in cooperation with the International Criminal Police Organization (Interpol), showed that 5 types of financial fraud, the most common in the Arab world, used 24 criminal methods to reach the victims.

Electronic fraud

The study, entitled “The Role of Financial Institutions in Reducing Information Crimes,” published in early January 2022, indicated that there are important differences in the willingness of the concerned authorities to confront electronic financial crimes.

By analyzing 503 fraudulent ads, the study revealed that it was found that the number of daily visits from potential victims to these fraudulent sites exceeds 137,000 visits per day. Fraudulent ads topped five fraud methods in the areas of investments, business email, romantic text message fraud, in addition to the sexual blackmail method.

The study, which aims to identify the criminal tools, methods and tactics of online fraudsters, revealed a complex criminal method designed to target the victim.

In a related context, the results of the study confirmed that fraudsters publish their ads on popular and trusted sites through advertising agents. They also use electronic advertising models of advertising agents, taking advantage of artificial intelligence techniques in advertising companies to reach potential victims.

The study also found that the top five fraudulent domains published about 40,000 advertising links online by exploiting the Internet domain registration mechanism, as 93% of the fraudulent domains were registered in the generic top-level domains.

The Saudi Public Prosecution warned against any online fraud practices in which fraudsters use fake text messages or links on behalf of government agencies, specifying penalties for these crimes.

“Any practices that include sending text messages or emails or fake links are classified among the major crimes whose perpetrators are arrested and legally punished,” the Saudi Public Prosecution stated.

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