InstaPay users warned of new phishing scam targeting bank accounts

Cybersecurity expert Mostafa Rahim has issued a stern warning over rising AI-powered phishing scams targeting users of financial applications, particularly Egypt’s digital payment platform InstaPay, alongside major banking channels.

Scammers are leveraging advanced artificial intelligence to craft convincing replicas of official bank websites and interfaces, Rahim explained during a televised interview on Sabah El-Balad. Fraudsters distribute malicious links via messaging platforms, luring victims into entering sensitive credentials on fake pages designed to mirror legitimate portals.

The schemes heavily target elderly citizens and individuals with limited digital literacy, peaking ahead of monthly pension distributions. Attackers exploit these timing windows by sending fraudulent messages promising pension increases or special government relief initiatives in exchange for personal information.

To mitigate exposure, Rahim urged consumers to follow core digital safety practices:

Never Share OTPs: One-Time Passwords must remain confidential; financial institutions and telecom providers will never request OTPs via phone calls or SMS.

Verify Web Addresses: Cross-check suspicious URLs using free threat-detection tools like Google Safe Browsing or VirusTotal before clicking.

Avoid Unsolicited Media: Refrain from opening links or downloading images sent from unrecognized numbers.

Confirm Directly: Validate any promotional offer or account inquiry through official bank hotlines or verified customer service channels.