AhnLab’s Mobile Analysis Team has identified a sophisticated new form of romance scam that targets cryptocurrency enthusiasts. Unlike traditional romance scams, which directly solicit money, these schemes involve complex deceptions utilizing fake cryptocurrency exchanges. Scammers initiate contact on social media, creating innocuous posts that attract potential victims. Once a victim engages, the scammer moves the conversation to a messenger app with translation features, breaking language barriers and enhancing deceit.
The scammer builds rapport over several days, subtly hinting at profitable cryptocurrency investments. They share stories of substantial gains from a secret source, piquing the victim’s interest. When the victim shows curiosity, the scammer introduces a fake cryptocurrency exchange, such as the fictitious “CoinB.” This fake exchange is misleadingly listed on platforms like Wikipedia and Namuwiki, falsely associated with the reputable “Coinbase.” The scammer persuades the victim to use a virtual account within the app, designed to showcase only the features necessary for the scam, including a fake demonstration of profit.
In the final stages, the victim is urged to input their financial and personal information into the app to register and purchase coins, exposing them to financial loss and identity theft. The impact of these scams extends beyond monetary losses to include emotional distress. The global reach of these scams is facilitated by translation features in messaging apps, highlighting the increasing sophistication and danger of online fraud. To combat these scams, individuals must be vigilant and skeptical of unsolicited investment advice and opportunities. Users are encouraged to verify the legitimacy of any cryptocurrency exchange before use, be cautious of pressure tactics, keep anti-malware software updated, and educate themselves on common online scam tactics. Reporting suspicious activities to authorities can help halt these fraudulent schemes.
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