Resecurity Discovered the Investment Scam Network Digital Smoke

Resecurity discovered one of the largest investment fraud networks in terms of size and volume of operations designed to defraud InteSecurity from Australia, Canada, China, Colombia, the European Union, India, Singapore, Malaysia, the United Arab Emirates, Saudi Arabia, Mexico, the United States, and other regions. The bad actors, acting as an organized crime syndicate, built a massive infrastructure to impersonate popular Fortune 100 corporations from the United States and the United Kingdom, using their brands and market reputation to defraud consumers. Once the victims’ payments are received, they delete previously created resources and launch the next new campaign, which is why the group was dubbed “Digital Smoke” by investigators.

According to the FTC’s most recent report, “The Top Scams of 2022,” people reported losing $8.8 billion to scams. The total damage from investment fraud, including ponzi and pyramid schemes, exceeds $5.8 billion in the United States and more than $77 billion globally (2022), with significant rapid growth beginning in Q1 2023. Beyond monetary losses, investment fraud causes significant harm to investors. According to a FINRA survey, financial scams cause health, marital, and trust issues. Businesses suffer significant damage to customer loyalty and brand reputation, affecting sales and market profile in the long run.

Notably, bad actors have impersonated world-renowned brands such as ABRDN (UK), Blackrock (US), Baxter Medical (U

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