Scammers have successfully infiltrated the Apple App Store and Google Play Store with seven new fake cryptocurrency investment apps, according to cybersecurity firm Sophos. The apps were discovered as part of ongoing investigations into CryptoRom scams, a type of scheme that aims to deceive users of dating apps into making fraudulent cryptocurrency investments. Sophos found that scammers have been refining their techniques, incorporating an AI chat tool into their scams and expanding their coercion tactics.
One of the main challenges for fraudsters engaging in CryptoRom scams is maintaining sustained and convincing conversations with their targets. To overcome this hurdle, scammers have started using AI chat tools like ChatGPT to simulate authentic conversations. The use of AI makes it easier for scammers to engage with multiple victims simultaneously and reduces the amount of labor required for these scams.
Another tactic identified by Sophos involves scammers extorting additional funds from their victims. Typically, when victims attempt to cash out their supposed profits, fraudsters demand a 20% tax payment before allowing any withdrawals. However, a recent victim revealed that after paying the tax, the scammers claimed the funds had been hacked and demanded an additional 20% deposit before returning the money.
Sophos X-Ops, the threat research team at Sophos, also discovered seven fake cryptocurrency investment apps in the official Apple App Store and Google Play Store. These apps have seemingly innocent descriptions, such as one claiming to be reading-related, but upon opening the app, users are confronted with a fake crypto-trading interface.
The scammers behind these apps have developed a method to bypass the Apple App Store review process. They initially submit the app for approval using legitimate content, but once it is approved and published, they modify the app’s server to include fraudulent elements. This technique allows the scammers to target iPhone users more easily, significantly expanding their potential victim pool.
Sophos has informed both Google and Apple about these fraudulent apps, but warns that more are likely to appear in the future. The scammers behind CryptoRom fraud are constantly evolving and may introduce new tactics of initial and double extortion.
With investment fraud causing the highest losses among reported scams in 2022, totaling $3.31 billion, and cryptocurrency-related fraud accounting for the majority of these losses, it is crucial for users to be aware of these campaigns. Sophos advises anyone suspicious or potentially victimized to reach out for assistance.
As fraudsters continue to exploit the popularity of cryptocurrencies and develop increasingly sophisticated techniques, users must remain vigilant and exercise caution when engaging in online activities involving investments or personal information.
