"Investment Fraud Gang May Have Made $500m"

Security researchers at Group-IB have uncovered a prolific investment fraud group that may have made half a billion dollars in profits over the past four years.  Named “CryptosLabs” after a scam website template it used, the group’s fake investment scheme is built on a highly organized group of “kingpins,” sales agents, developers, and call-center operators.  The researchers noted that victims are lured by messages left on investment forums or advertising on social media and search engines.  The researchers stated that the gang spoofed at least 40 popular European brands from the banking, fintech, crypto, and asset management industries to add legitimacy to their offerings.  If victims clicked on an ad, they would be taken to one of 300 spoofed domains hosted on 70 servers, which usually impersonate well-known financial and asset management companies.  After leaving their details on the phishing sites, the victims would be contacted by phone by a call-center scammer pretending to be a personal manager from the investment division of the relevant spoofed company.  They would be provided with credentials to log in to the trading portal and asked to pay a $210–315 deposit to start investing in stocks, crypto, and NFTs.  The researchers noted that victims would be shown fake growth curves and stats to keep them investing, with all the money heading to the scammers.  If a victim wanted to leave, they’d be required to pay a fee to receive their non-existent funds, which also goes to the fraudsters.  All the victims of CryptosLabs are from French-speaking parts of Europe: France, Luxembourg, and Belgium.

Infosecurity reports: "Investment Fraud Gang May Have Made $500m"