With the digital landscape evolving each passing day, users and companies are adapting to changing realities. However, scammers are also keeping a close watch on these developments. Now, a new scam dubbed ‘pig butchering’ has been sweeping headlines. The scam involves fake trading apps available for download on both the Google Play Store and Apple’s App Store, reported The Times of India.
These apps have preyed on thousands of users before being identified and removed from the platforms. The report shows that these fake apps, called the ‘UniShadowTrade’ malware by the researchers, are disguised as legitimate trading tools. They lured users into an investment scheme called ‘Pig Butchering.’
The app preyed on iOS users with the name ‘SBI-INT,’ while Android users were tricked by apps named ‘Finans Insights’ and ‘Finans Trader6’. Before their removal, these apps had been downloaded more than 5,000 times by Android users, the report said.
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How Did Hackers Trick Users
To trick users, the apps first presented themselves as legitimate tools. On iOS, SBI-INT posed as an app for “algebraic mathematical formulas and 3D graphics volume area calculations.” On Android, the apps were disguised as financial news aggregators. Once installed, however, these apps directed users to fake trading apps accessible only through invitation codes.
The scammers relied heavily on social engineering tactics, often establishing with victims through dating apps. They even asked users to upload personal documents to further give the illusion of legitimacy while simultaneously stealing sensitive data.
While these apps have been removed from the app stores, hackers have turned to websites to run their scams, according to the cybersecurity firm. These apps are capable of imitating different legitimate cryptocurrency and trading platforms, prompting experts to advise users to be wary.
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How Does The ‘Pig Butchering’ Scam Work?
These scams usually involve building trust with victims over a period of time through social media or dating apps, before introducing a fake investment opportunity. Scammers trick victims into depositing money on fraudulent platforms that show fake high returns. Scammers typically follow a step-by-step process:
With the help of stolen images, scammers build appealing online profiles, often showcasing a luxurious lifestyle. Initial interactions, usually on dating or social media platforms, focus on establishing an emotional connection. Besides, victims are slowly convinced to invest bigger amounts of money into fraudulent schemes, under the promise of high returns with minimal risk.