Pig Butchering scam targets crypto users with fake trading apps on Apple and Google Play Stores. These apps, found on Apple’s App Store and Google Play, and on phishing sites, are part of a Pig Butchering scam targeting cryptocurrency investors in Asia-Pacific, Middle East & Africa, and European regions. A fraud campaign targeting Apple iOS and Android users has been discovered by GroupIB, involving fake trading apps. The fraudulent apps check the current date and time to bypass Apple’s App Store checks, launching a fake activity with mathematical formulas and graphics if it is earlier than 22 July 2024, 00:00:00. According to researchers, these fake trading apps and downloader apps mimic legitimate platforms and may include features like account settings, transaction history, and stock information. Disguised as legitimate platforms, these apps defraud investors, bypassing store checks and exploiting unsuspecting users globally. Downloader apps, found in the Apple App Store or distributed through phishing websites, prompt victims to install the fraudulent app. This particular campaign follows a specific pattern: target identification through social media, grooming and trust-building through social engineering techniques, offering a seemingly lucrative investment opportunity in cryptocurrency or other investments, encouraging a small initial investment, and building confidence through small profits. What’s worse, unlike traditional mobile trojans, these applications had no typical malicious features and cybercriminals have created a facade of a legitimate trading platform to defraud victims. Just last week, Google approved a crypto drainer app on the Play Store that stole over $70,000 from Android users. It is a fact that Google, which owns Android, and Apple, which owns the iOS App Store, try their best to keep the marketplace safe from malware and other cybersecurity threats. Despite constant monitoring, cybercriminals often slip into these stores with malicious apps, draining the bank accounts and crypto wallets of unsuspecting users. Group-IB’s Threat Intelligence, and Fraud Protection analysts first discovered these fake mobile applications in May 2024 and have been investigating the campaign ever since. On the other hand, in February 2024, Apple approved a fake LastPass Password Manager app on its iOS App Store. Check their reviews, search for the official app on Google, find their social media platforms, and confirm whether the app advertised on app stores is legitimate or not. HACKREAD is a News Platform that centers on InfoSec, Cyber Crime, Privacy, Surveillance and Hacking News with full-scale reviews on Social Media Platforms & Technology trends. For your information, Pig butchering is a notorious digital scam that involves a meticulous process of grooming victims, building trust, and ultimately defrauding them of their money. The same month, Apple approved a fake Rabby Wallet app that stole millions from unsuspecting users.
This Cyber News was published on hackread.com. Publication date: Wed, 02 Oct 2024 14:43:05 +0000