Group-IB observes expansion of investment deep-fake networks toward Gulf markets

Financial markets and digital assets in the Gulf states are preparing for a wave of AI-driven deep-fake financial fraud, after indicators of targeting were observed that are driven by two international networks active in the United States, Australia, South Korea, Brazil and Russia. The proactive warning issued by cybersecurity firm Group-IB aims to draw attention to the risk that these patterns could spread to the Gulf Cooperation Council region, based on a convergence of several factors, foremost the intensive reliance on WhatsApp for commercial and professional transactions, the rapid expansion of the retail investor base, and the growing interest in digital assets.

The first scheme, which the company labeled “GoldBull”, relies on purchasing sponsored ad space on Facebook and Instagram that includes deep-fake videos impersonating financial experts and advisors.Victims of those ads are directed to closed WhatsApp groups to receive coordinated instructions to buy shares of small companies listed on regulated markets.This artificially inflates the stock price before the operators sell their holdings to pocket profits, leaving new buyers with sharp losses on shares that have no real value beyond the manipulation scheme.

The second scheme, known as “CoinLure”, operates a broad network of more than 200 fake cryptocurrency-trading platforms built on shared technical templates. Victims are taken through fictitious registration and identity-verification steps, then deposit funds into tiered investment plans, only to later encounter withdrawal blocks imposed through fabricated requirements such as minimum balance limits, requests for insurance fees and bogus taxes, and open-ended technical delays. Technical analysis has uncovered the creation of more than 20 fraudulent WhatsApp accounts impersonating a single Australian economic expert, reflecting the scale of human and technical investment used to lend these operations misleading credibility.

These data gain regional significance in light of the reported figures, with Saudi Arabia recording an annual growth of 154 percent in the value of cryptocurrency transactions, while the United Arab Emirates ranks fifth globally in the Henley 2025 cryptocurrency-adoption index. The previously cited market indicators underscore the seriousness of the phenomenon, after investment-fraud losses reached $7.9 billion in the United States within a single year and Australia recorded losses of $837.7 million. The difficulty lies in these networks borrowing regulatory licence numbers and legal-compliance formats from legitimately licensed firms, which makes a quick check of official registries appear clean to a hurried investor.

This threat compels regional banks and financial authorities to launch direct, simplified awareness campaigns through live user channels before these networks fully materialize.The decisive factor for investors and operational teams in the region remains adherence to strict standards: licensed brokers do not promote deals through closed instant-messaging groups, regulators do not charge additional withdrawal fees after funds are deposited, and licences must be verified against the official public registries of the regulatory bodies directly rather than relying on information presented in digital advertisements.