Iraq sees rise in fake investment apps, billions of dinars lost to online fraud

BAGHDAD, Iraq — Electronic fraud networks using fake investment applications have caused billions of Iraqi dinars in losses in recent years, according to a digital marketing specialist who studies the schemes. Ahmed Mezher said the operators run apps for one to two years, luring users with promises of high returns before shutting down the platforms and disappearing with the funds. Mezher said the apps target young people seeking to improve their economic situation as well as intermediaries who recruit new users. Iraq's National Security Service recorded more than 3,000 electronic fraud cases over the past six months, with losses estimated at around 3 billion Iraqi dinars, according to a statement cited by local media. The agency said the actual figure is likely higher because many victims do not report the crimes. Mezher called on security agencies to track the applications, tighten oversight of electronic activity and impose stricter legal penalties. No further details on enforcement actions were immediately available.