In a dramatic surge of cyber fraud, over a million people fell victims to the FBC platform, which promised massive profits through simple digital tasks. The platform suddenly vanished, leaving behind financial losses that exceed $6 billion.
Launched in late 2024, FBC used aggressive marketing strategies to attract investors, offering consistent early returns to build trust. It was later revealed to be a Ponzi scheme, where payouts to early investors came from the deposits of new members, an unsustainable model that ultimately collapsed.
The platform deceived users into believing they can earn substantial profits by completing simple tasks, such as watching videos, promoting apps, and reviewing them, in exchange for depositing money through digital wallets.
One victim, Mohamed Omar from Qalyubia, shared his ordeal. He explained how he invested LE11,000 with hopes of earning monthly profits by completing online tasks. Initially, he received small returns, but the platform abruptly shut down, and all contact with its operators was lost. After large-scale fraud operations through online platforms terrified Egyptians, Egypt’s Dar Al-Ifta stepped in to address the phenomenon.
In a press statement, Dar Al-Ifta warned against the rising wave of financial scams exploiting technological advancements and artificial intelligence (AI). It cautioned Egyptians against being taken in by misleading advertisements and false promises of quick wealth promoted by deceptive entities under the guise of investment in technology or AI.
It also stated that any call to invest in unlicensed entities or promises of unrealistic profits contradict Islamic principles and constitute a form of prohibited deception. It urged citizens to avoid these misleading claims and to invest or deposit money only through legally regulated and state-approved channels.
Cybersecurity experts warned against falling for false promises of quick profits, emphasising the importance of verifying the credibility of any investment platform before making a deposit.
These platforms rely on pyramid scheme fraud to attract subscribers by deceiving them with the illusion of rapid earnings, cybersecurity expert Mohamed Maghraby explained.
“They create a false sense of legitimacy by requiring users to pay tiered subscription fees in exchange for completing fake tasks,” he said.
“These tasks could include actions like liking a YouTube video or downloading a specific link through the platform. For example, if someone pays LE900 and completes several fake tasks worth LE6 each, they may feel they have recovered their money before the end of the month. This illusion encourages them to persuade others to join with even larger deposits,” Magaraby added.
He also clarified how these scams lure users by mimicking the names of reputable financial institutions, creating confusion and false credibility. He also warned of another active platform, RGT, operating with the same fraudulent model as FBC.
Parliamentarian Karim el-Sadat likened this case to previous large-scale scams, such as “Hogg Pool”, which defrauded citizens using similar methods.
He called for urgent government intervention to regulate online investment platforms, enforce strict oversight, and impose harsher penalties on those behind such operations.
Meanwhile, the Ministry of Interior has already taken urgent measures, arresting 13 members of the criminal network responsible for FBC, as authorities concerned intensify efforts to combat financial fraud and protect citizens from falling prey to digital scams.
