Cyber security Researchers share insight into a cryptocurrency business scam that strikes iPhone user through popular dating platforms Like Bumble and Tinder.
Researchers have named CryptoROM sophosThe scam first targeted people in Asia, and is now attacking users in the US and Europe as well.
a bitcoin wallet Relating to the attackers suggests that the threat actors mined approximately $1.4 million in crypto from the scam.
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“The cryptocurrency scam relies heavily on social engineering at almost every stage,” said Jagdish Chandraiah, senior threat researcher at Sophos. Having said that the novel scam has the potential to do much more damage than steal crypto.
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Uncovering the scam, Sophos says that the threatening actors begin by posting fake profiles on legitimate dating sites to lure victims. Once tempted, victims are persuaded to install and invest in a fake cryptocurrency trading app.
“At first, the returns sound great, but if the victim asks for their money back or tries to access the money, they are denied and the money is lost,” share the researchers.
However the threats don’t just end with lost crypto. Sophos notes that threatening actors use Apple’s enterprise signature mechanism to install apps directly iOS device bypass app Store.
Enterprise Signature is designed for use by iOS developers to enable app developers to test iOS Apps before submitting them to the official Apple App Store for review and approval.
“Until recently, criminal operators mainly distributed fake crypto apps through fake websites that resembled a trusted bank or the Apple App Store. The addition of iOS enterprise developer systems presents more risks to victims. Because they can hand over rights to their devices and the ability to steal their personal data to attackers,” said Jagdish Chandraiah, senior threat researcher at Sophos.
Sophos believes that threat actors use fake crypto trading apps to gain remote management control over their victims’ devices, exposing them to all kinds of malicious campaigns.
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