Bengaluru: As millions around the world observe Ramadan, cybercriminals are taking advantage of the season with an alarming rise in cryptocurrency and e-commerce scams.
CloudSEK, a leading AI-driven cybersecurity company, has released a report exposing fraudulent schemes that deceive individuals and organizations under the pretext of charity and investment opportunities.
Key Findings from CloudSEK’s Investigation
CloudSEK’s research highlights following deceptive tactics used by scammers this Ramadan:
Fake Ramadan Crypto Giveaways: Fraudulent websites promise free cryptocurrency in exchange for users linking their wallets. These scams often employ malicious smart contracts that ultimately steal funds.
Manipulation Through Religious Sentiments: Scammers have introduced “Earn While You Worship” programs, enticing users to engage in religious acts such as prayer and Quran recitation in exchange for digital currency, creating a dangerous avenue for financial exploitation.
Deceptive Social Media Tactics: Over 15 newly created accounts on X (formerly Twitter) have been actively promoting dubious Ramadan-themed tokens, including $RMDN, $RAMADAN, $SABR, and $DOZERAMZAN. These volatile and potentially fraudulent investments lure unsuspecting individuals into financial losses.
Fraudulent E-Commerce Websites: Fake online stores targeting Ramadan shoppers offer deep discounts on cultural attire. Victims often receive counterfeit products or nothing at all after making payments.
Zakat and Charity Scams: Cybercriminals are running fake donation campaigns, falsely claiming to represent legitimate Islamic charities. Generous individuals are tricked into transferring funds to fraudulent accounts.
Fake Mobile Data Giveaways: More than 50 newly registered domains with “.top” and “.xyz” TLDs have been linked to fraudulent Ramadan data giveaway campaigns, particularly targeting telecom users in the Philippines and the Middle East.
Recommendations to Stay Safe
To avoid falling prey to Ramadan scams, CloudSEK recommends the following precautions:
Verify Charitable Organizations: Only donate to established charities by checking their official websites and verifying their credentials before making contributions.
Be Wary of Unrealistic Offers: If an investment or giveaway appears too good to be true, it likely is. Avoid offers promising large crypto rewards with minimal effort.
Protect Your Crypto Assets: Never connect your crypto wallet to unverified platforms or share sensitive information, such as private keys or seed phrases.
Scrutinize Social Media Promotions: Avoid engaging with newly created accounts aggressively promoting crypto giveaways and investment schemes, especially those leveraging religious themes.
