An engineer handles a cyber attack. (Illustrative photo/Thomas Samson/AFP
BEIRUT — Lebanon’s Internal Security Forces warned Tuesday about six fake investment and trading websites that imitate legitimate companies, saying an international fraud network behind the sites has caused millions of dollars in losses.
In a video posted on its social media platforms, ISF spokesperson and head of public relations Joseph Moussallem said the websites use names, designs and logos that closely resemble those of legitimate investment companies. In some cases, the address of a fake website differs from the legitimate one by just one character. The ISF stressed that the warning concerns the fake websites, not the legitimate companies whose names were impersonated.
According to the ISF, the fraudulent websites identified were i.sedco.top, which impersonated sedcocapital.com; sedco-ai.com, which impersonated sahemsacap.com; sahemfinancial.com, which impersonated meficsa.com; mefic.com.sa, which impersonated investcapitalksa.com; icap.com.sa, which impersonated dgcxar.online; and dgcx.ae, which was also identified as a fraudulent website.
The six sites are operated by the same international fraud network, according to the ISF, which said the network has targeted citizens and caused millions of dollars of losses. So what should users look for before using an online investment platform, how much damage can a scam cause, and what can victims do?
What are the warning signs?
For cybersecurity expert Roland Abi Najem, one of the first things users should check is the website’s domain name. "Sometimes the difference between the fake website and the legitimate one is just one character," Abi Najem told L’Orient Today on Wednesday. "Users should check the address carefully rather than relying on a site’s appearance, logos or branding."
Tools such as ScamAdviser and Scam Detector can provide additional information, including when a domain was registered, whether it is recently created, where its servers are located and whether it has been flagged for suspicious activity, he explained.
Abi Najem noted, however, that "these checks can provide warning signs, but they are not by themselves proof that a website is legitimate or fraudulent."
The ISF also advised users to download company applications only through the App Store or Google Play, rather than through links sent on WhatsApp or social media.
How much damage can a scam cause?
Abi Najem said users should distinguish between a legitimate investment, which carries a risk of losing money, and a platform whose purpose is to steal it. "With an investment, there is always a chance that you lose your money," he said. "But in a scam, the objective is to steal your money."
"Fake platforms can seek personal information, banking details and credit card information, as well as money transferred directly by users. If money has already been transferred to scammers, recovering it can be difficult, particularly when the people behind the platform or the accounts receiving the money are outside Lebanon," Abi Najem said.
What should you do if you are scammed?
Abi Najem said victims can "only take it as a lesson learned if they are scammed, since recovering the money is almost impossible."
The ISF urged anyone who "opened an account through one of the six websites to stop using it and close the account immediately. Users should also check whether they use the same password elsewhere and change it where necessary to protect their accounts and prevent unauthorized access or transfers." The ISF advised users to "verify the recipient before making any money transfer."
The ISF also warned against "selling, renting or lending financial accounts," saying "they could be used in fraud operations and expose account holders to legal action." The ISF said an "investigation is ongoing, under the authorization of the competent judiciary, into intermediaries involved in selling and renting electronic financial accounts."
Victims can report the incident to the Information Branch hotline at 1788.