The Directorate of Criminal Investigations (DCI) has warned Kenyans to be careful with people on social media who display expensive lifestyles while promising easy ways to make money online.
In a warning issued on Monday, September 28, the DCI said some fraudsters use forex trading, cryptocurrency, arbitrage games, sure-bet schemes and other online platforms to attract victims.
The agency said the scammers often post photos and videos of large amounts of cash, expensive cars, international trips and other signs of wealth.
Some also share screenshots of trading accounts showing huge profits and claims of regular withdrawals.
According to the DCI, such posts can be used to convince unsuspecting people that the money-making schemes are genuine.
“Dashboards can be blazing with phantom profit. Who does show off?” the DCI said in its warning.
The agency urged Kenyans not to be easily attracted by online displays of wealth or promises of making large amounts of money within a short time.
It also identified fake investment platforms, phishing links, fake wallets, identity fraud, deepfakes and social engineering among the methods used by online fraudsters.
The DCI said Kenyans should take time to verify online investment opportunities before sending money or sharing personal information.
The warning comes as authorities continue to deal with fraud involving digital platforms and suspicious financial activities.
The Ethics and Anti-Corruption Commission (EACC) has also been working with authorities in other countries to trace suspected illicit wealth moved across borders.
In August, EACC partnered with Saudi Arabia’s Oversight and Anti-Corruption Authority (NAZAHA) to strengthen efforts to trace illicit funds and investigate financial crimes.
The partnership is based on a Memorandum of Understanding signed by Kenya and Saudi Arabia in 2023 to enhance cooperation in the fight against corruption.
The Capital Markets Authority (CMA) has also warned Kenyans against dealing with unlicensed investment companies and schemes operating without approval.
The DCI urged members of the public to remain cautious when approached with offers promising quick and unusually high returns.