A recent investigation by Group-IB revealed a large-scale fraud operation involving fake trading apps on the Apple App Store and Google Play Store, as well as phishing sites to deceive victims. The scheme is part of a wider investment scam known as “pig butchering,” where fraudsters lure victims into investments by posing as romantic partners or financial advisors.
Victims are manipulated into losing funds, with scammers often requesting additional fees before disappearing with the money.
Group-IB, based in Singapore, noted that the campaign targets victims globally, with reports from regions like Asia-Pacific, Europe, the Middle East, and Africa. The fraudulent apps, created using the UniApp Framework, are labeled under “UniShadowTrade” and have been active since mid-2023, offering promises of quick financial gains.
One app, SBI-INT, even bypassed Apple’s App Store review process, giving it an illusion of legitimacy. The app disguised itself as a tool for algebraic formulas and 3D graphics calculations but was eventually removed from the marketplace.
The app used a technique that checked if the date was before July 22, 2024, and, if so, displayed a fake screen with mathematical formulas. After being taken down, scammers began distributing it via phishing websites for Android and iOS users.
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This article has been indexed from CySecurity News – Latest Information Security and Hacking Incidents
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