Growing concerns over digital fraud in Morocco's cryptocurrency landscape

In a troubling development, the Moroccan government has issued a warning regarding a fraudulent account on X (formerly Twitter) impersonating Prime Minister Aziz Akhannouch. This fake account has been promoting a fictitious Moroccan cryptocurrency, raising alarms about the increasing sophistication of digital fraud targeting government officials and institutions.

The Office of the Head of Government emphasized that the only legitimate social media account for official communications is @ChefGov_ma. This cautionary alert follows a similar incident reported by Bank Al-Maghrib (BAM), Morocco’s central bank, which disclosed that scammers had created deceptive media content using its identity and the image of its Governor, allegedly with the aid of artificial intelligence.

The fraudulent activities included the promotion of a non-existent investment platform promising guaranteed returns, which has further exacerbated concerns among officials about protecting citizens from potential scams. Both the Head of Government's office and BAM are actively working to maintain the integrity of their communications and have urged the public to be vigilant against such impersonations.

In light of these incidents, Akhannouch's office has called on citizens and social media users to rely solely on information from verified sources and to report any suspicious accounts. Meanwhile, BAM has indicated its readiness to pursue legal action to defend its image against fraudulent misuse.

The rise of digital fraud is particularly concerning as Morocco has witnessed significant growth in cryptocurrency engagement despite a government ban on transactions in 2017 due to money laundering fears. By 2019, an estimated 3.5 million Moroccans had already ventured into digital currencies, and by 2023, the country ranked as the 13th highest Bitcoin-using nation globally.

The latest data from HelloSafe indicates that by 2024, the number of Moroccan cryptocurrency holders reached 6 million, or about 16% of the population. In response, Bank Al-Maghrib Governor Abdellatif Jouahri announced plans for a comprehensive regulatory framework by the end of the year, indicating a shift in the government's approach to digital currencies.

The dual incidents of impersonation highlight a growing trend in digital fraud, necessitating heightened awareness and caution among Moroccan citizens regarding online interactions.