ERBIL, Kurdistan Region - The Iraqi National Security Services (INSS) issued a warning on Saturday of a rise in digital financial fraud using fake accounts and impersonating financial companies utilizing deepfake technology, as the country makes the shift to digital banking.
“The agency has detected a rise in online financial fraud conducted through social media pages and websites impersonating local and foreign banks,” INSS spokesperson Arshad al-Hakim said in a statement.
The scammers offer loans or investment opportunities through fraudulent accounts or platforms that impersonate local or foreign banks and financial institutions to lure victims and steal their banking data and their money, he explained.
“The scammers use enticing advertisements promising easy loans, free grants, or the sale of US dollars at attractive rates. Victims are then directed to fake websites where they are asked to provide personal information or bank card details, leading to salary thefts or unauthorized money transfers,” Hakim said.