EGCM Emirate Global Capital Markets Newsletter No. 79

Dear Clients,

CFD Forex broker, InfinityCapitalG and CCG.Global were cloned platforms active from 2021 to 2022, offering cryptocurrency trading and binary options. Communication with clients was conducted from call centers by well-trained fake brokers who convinced victims to invest their money in these fraudulent platforms. There was no actual trading; everything was a sham. The cloned platforms simulated fictitious trading activities. When the scammers determined they could no longer extract money from the victims, all communication ceased.

Victims of this scam come from all over the world, with a significant number from Germany, Canada, Australia, and many other countries. Our law firm represents victims in these cases. Criminal proceedings are currently underway in Belgrade.

Cybercrime Southeast Europe

Lately, we have seen an increase in increasingly creative cyber scams targeting users in Southeast Europe. Two of the latest scams are particularly dangerous and can deceive even experienced internet users.

The first scam involves phone calls through the WhatsApp application. Scammers call from unknown numbers, often from countries like Somalia, Senegal, or Vietnam, pretending to be Google customer support or other organizations. Their goal is to collect your personal data. If you answer such calls, you may receive significantly inflated phone bills.

The second scam includes advertisements for “dream job” opportunities. Scammers send text messages offering well-paid jobs, along with a link to confirm interest. This link contains a virus that steals information and money from your account. This type of scam is known as phishing.

In addition to these scams, there are frequent pyramid schemes on social media promising quick profits with minimal effort. Ads on Instagram and Facebook promote “tasks” that supposedly generate income from the comfort of your home. Unfortunately, these offers often result in financial losses or theft of personal data.

There are also scams involving phantom packages arriving via fake links on Viber, as well as fake reservations on Booking.com. Every year around this time, fake apartments in Greece are advertised on Facebook, leading families to prepay for vacations that do not exist.

With the advancement of artificial intelligence, there is an increasing number of scams using deepfake technology to create false content, including revenge pornography and fake news.

Be cautious and do not open links from unknown senders. Thoroughly verify all offers that seem too good to be true. Always double-check the legitimacy of sources and be aware of the risks.

Over the past week, there have been no events of interest to report in the EGCM case.

Attorney at law
Zoran Miljakovic