CryptoRom Bitcoin swindlers continue to target vulnerable iPhone and Android users

Date:
Fri, 18 Mar 2022 16:06:42 +0000

Description:
Fraudsters are stealing tens of thousands of dollars from gullible people all over the world, Sophos warns.

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Cybersecurity researchers from Sophos have revealed a new fraud campaign that involves catfishing on social media, a few fake apps, and a whole lot of cryptocurrency.

The premise is simple - a fraudster will create a fake identity (mostly female) on popular social media and dating sites, find gullible victims, and take them for all theyve got.

After exchanging numerous messages and gaining their trust, the attackers
will persuade the victims into jointly investing in cryptocurrencies, on imitations of popular trading apps. In one such instance, the attackers created RobinHand, a fraudulent version of the popular RobinHood trading platform. TechRadar needs you!

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Romance-based money scams are as old as time itself, but many have recently been updated with the proliferation of cryptocurrencies. Distributing iOS
apps

Sophos notes that the criminals were able to distribute these apps even on iOS, by abusing Apples Super Signature application distribution scheme, as well as TestFlight (a feature used to test beta versions of apps before they make it to the actual repository).

The jointly investing part is also a trick. As the fraudsters operate the
apps backend, they are able to show the victims account as having any amount of money, deepening their trust. However, the victim can never withdraw the money - its permanently lost.

The rabbit hole goes even deeper. Once the victim tries to withdraw the
funds, and sees that they cannot do that, the fraudsters will suggest they reach out to customer support, where theyll be told to pay 20% tax to
withdraw the funds, taking every last penny out of their accounts. Those that deny will get a little nudge - their love interest will offer to lend a part of the tax funds. Read more

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Cryptocurrency crime hit an all-time high in 2021

The whole operation, dubbed CryptoRom, first targeted the Chinese-speaking community, but as of late, has been expanding globally, Sophos says.

These scams are well-organized, and skilled in identifying and exploiting vulnerable users based on their situation, interests, and level of technical ability. Those who get pulled into the scam have lost tens of thousands of dollars, the report concludes. These are the best privacy tools right now



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Link to news story: https://www.techradar.com/news/cryptorom-bitcoin-swindlers-continue-to-target- vulnerable-iphone-and-android-users/


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