Highlights

  • CloudSEK, which is a contextual AI company that predicts Cyber Threats
  • Company uncovered an ongoing operation involving several phishing domains and Android-based applications.

Latest news

Associated Press reporter describes Salman Rushdie stabbing

Associated Press reporter describes Salman Rushdie stabbing

Salman Rushdie stabbed: 'The Satanic Verses' and why the author lived under threat

Salman Rushdie stabbed: 'The Satanic Verses' and why the author lived under threat

BJP vs AAP: CWG medallist Divya Kakran’s claim over financial assistance stirs political tussle

BJP vs AAP: CWG medallist Divya Kakran’s claim over financial assistance stirs political tussle

Independence Day 2022: Five greatest wins of Independent India

Independence Day 2022: Five greatest wins of Independent India

Independence Day 2022 | The changemakers of Independent India | India@75

Independence Day 2022 | The changemakers of Independent India | India@75

Beware of massive Crypto scam, here is what you need to know

CloudSEK said it uncovered a gamut of phishing domains and Android applications

A mega crypto scam has been unearthed by AI threat predictor firm CloudSEK that warns that this new fraud already underway could make innocent investors lose over Rs 1000 cr. So be aware before you are a victim of this crypto trading trap.

Also read/watch| Zero-star-hotel: Find out why hundreds are booking a room here

Here's how the scam works, as per CloudSEK:

  • Fake domain created: The fake domains are developed in a way that they replicate the official website’s dashboard and user experience
  • Fake social media presence: The fraudsters create a female profile on social media to approach the potential victim and establish a friendship.
  • Online 'promotion' and give-aways: The fake social influencer shares a $100-dollar credit, as a gift to a particular crypto exchange, which in this case is a duplicate of legitimate crypto exchange to entice investor.
  • Trading trust: After 'winning' with the $100 credit provided the investor is encouraged to add their own money to make even bigger wins. Here is where the trap happens. As soon as the investor adds their own money, the fraudsters seize the account and block access to the funds.
  • No recourse: As crypto trading is not regulated in India there is no recourse for the same, investors can just pursue a case under cyber crime with a local authority.

Last month, a resident from the upscale residential area in Mumbai was duped by more than Rs 1.5 crore in fraudulent cryptocurrency investment. The 36-year-old resident accused a website of trapping him into investing in crypto mining schemes.

Up Next

Beware of massive Crypto scam, here is what you need to know

Beware of massive Crypto scam, here is what you need to know

Crypto Crackdown: Exchanges under scrutiny for massive money laundering

Crypto Crackdown: Exchanges under scrutiny for massive money laundering

Crypto legal limbo: A look at how the world is regulating cryptocurrencies

Crypto legal limbo: A look at how the world is regulating cryptocurrencies

Binance Expose; Is the world's largest crypto exchange a safe-house for laundering?

Binance Expose; Is the world's largest crypto exchange a safe-house for laundering?

Explained Binance vs WazirX: The cryptic crypto ownership & the ED angle

Explained Binance vs WazirX: The cryptic crypto ownership & the ED angle

First-ever cryptocurrency insider trading case: Two Indians, their Indian-American friend charged in US

First-ever cryptocurrency insider trading case: Two Indians, their Indian-American friend charged in US

More videos

FM explains why a complete crypto ban is not possible

FM explains why a complete crypto ban is not possible

Crypto collapse: Another firm bites the dust, files for bankruptcy

Crypto collapse: Another firm bites the dust, files for bankruptcy

Texas braces for blackout: Heatwave pushes power grid to brink, Bitcoin mining halted

Texas braces for blackout: Heatwave pushes power grid to brink, Bitcoin mining halted

Bitcoin set to drop 50% from here to $10,000: survey shows

Bitcoin set to drop 50% from here to $10,000: survey shows

British Army's Twitter, YouTube hacked to promote crypto scam

British Army's Twitter, YouTube hacked to promote crypto scam

Crypto Collapse: Hedge fund defaults on a $670 million loan

Crypto Collapse: Hedge fund defaults on a $670 million loan

Solana launches $1,000 crypto smartphone

Solana launches $1,000 crypto smartphone

Bitcoin on a wild ride, latest updates from the crypto crisis

Bitcoin on a wild ride, latest updates from the crypto crisis

Bitcoin crashes below $20,000; 50% value wiped out this year

Bitcoin crashes below $20,000; 50% value wiped out this year

Scammer and fake heiress Anna Sorokin is now launching a NFT

Scammer and fake heiress Anna Sorokin is now launching a NFT

Editorji Technologies Pvt. Ltd. © 2022 All Rights Reserved.