Fake Trading Apps Target Victims Globally via Apple App Store and Google Play
Oct 02, 2024
Cybercrime / Financial Security
A large-scale fraud campaign leveraged fake trading apps published on the Apple App Store and Google Play Store, as well as phishing sites, to defraud victims, per findings from Group-IB. The campaign is part of a consumer investment fraud scheme that's also widely known as pig butchering , in which prospective victims are lured into making investments in cryptocurrency or other financial instruments after gaining their trust under the guise of a romantic relationship or an investment advisor. Such manipulative and social engineering operations often end with the victims losing their funds, and in some cases, the extraction of even more money from them by requesting various fees and other payments. The Singapore-headquartered company said the campaign has a global reach, with victims reported across Asia-Pacific, European, Middle East, and Africa. The bogus apps, built using the UniApp Framework, have been classified under the moniker UniShadowTrade . The activity cluster i