Group-IB, a cybersecurity company, has seen an increase in fake betting game ads on social media. Group-IB’s CERT team found misleading advertisements that entice naïve users with the promise of quick money, resulting in financial loss and the compromise of personal data, in their thorough study, which they shared with Hackread.com. Users in Egypt, the Middle East, Europe, and Asia are usually the target of the advertisements.
According to reports, researchers found 1,377 malicious websites and more than 500 misleading advertisements that encourage users to download fake apps. Subsequent investigation showed that cybercriminals are using sophisticated strategies to make these phoney advertisements seem authentic.
This includes employing AI-generated voices in numerous languages to give the scam a sense of authenticity, even if it comes from a different country, according to Group-IB’s blog post. Significant financial losses have been incurred by victims; some have reported losses of more than $10,000 USD.
Users are redirected to download a fake program as soon as they click on a misleading advertisement. These programs can get around security safeguards on legitimate app stores and are usually distributed through APK downloads or third-party websites. The program asks for a variety of financial and personal details when it is installed, and the scammers then use this information.
“Group-IB CERT discovered these scams across multiple regions, with more than 200 ads targeting Egypt, 160 ads in the GCC, and another 140 in Europe and Asia. The momentum of such scams has rapidly increased, with scammers continually expanding into new markets.”
Since they give the phony apps more authority, bogus reviews and testimonials are a major enabler of these scams. These reviews include in-depth descriptions, graphics, and images of “successful” players, giving the impression that the game is reliable and extremely profitable while also drawing attention to the hoax.
Users of fake betting apps may suffer serious repercussions, including device vulnerability, identity theft as a result of the acquisition of personal data, and financial loss through “bait and switch” methods. Malicious apps pose a serious risk to users’ personal information since they can weaken device security, giving hackers access to private information and enabling them to install more malware.
The number of fraudulent gaming apps that compromise consumers’ smartphones has been steadily increasing. Media recently revealed that Fortinet’s FortiGuard Labs has discovered a new harmful campaign that uses game-related programs to spread Winos4.0, an advanced malware framework that is comparable to Cobalt Strike and Sliver, to Microsoft Windows users. An multinational gang of fraudsters who stole over 190cr from gullible customers using phony gambling apps was apprehended by Indian authorities earlier this week.
Therefore, it is crucial to exercise caution when it comes to offers of quick money in order to prevent being a victim of such scams. To stay safe, only download programs from authorized shops, stay away from dubious links, use two-factor authentication and strong passwords, and keep up with the most recent phishing and online fraud tactics.
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