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The digital landscape is constantly evolving, and companies and consumers are adapting to changing realities. Scammers are also keeping pace, and sometimes go one step ahead, keeping law enforcers on their toes. In some parts of the world, they are now busy tackling a new scam called ‘pig baiting’, which uses a number of fraudulent trading apps available for download on both Google Play Store and Apple’s App Store, the Times of India reported, citing cybersecurity firm Group-IB.
These apps have duped thousands of unsuspecting users before being identified and removed from the platforms.
The report pointed out that these fake apps, classified by researchers as ‘UniShadowTrade’ malware, posed as legitimate trading tools. They lured users into a deceptive investment scheme called ‘Pig Butchering’.
The Group-IB researchers revealed that the ‘UniShadowTrade’ app was developed using the UniApp framework and first surfaced in May. The app targeted iOS users under the name ‘SBI-INT’, while Android users were duped by apps called ‘Finance Insights’ and ‘Finance Trader6’. Before being removed, these apps were downloaded more than 5,000 times by Android users, TOI said.
If you have any of these apps on your device, it is strongly recommended to uninstall them immediately.
How hackers operate
To mislead users, the apps initially presented themselves as legitimate tools. On iOS, SBI-INT posed as an app for “algebraic mathematical formulas and 3D graphics volume area calculations.” On Android, the apps were disguised as financial news aggregators. However, once installed, these apps lead users to fake trading platforms accessible only through invitation codes.
The scammers relied heavily on social engineering tactics, often establishing trust with victims through dating apps. They also requested users to upload personal documents such as national IDs and passports, further increasing the illusion of legitimacy while simultaneously stealing sensitive information.
According to the cybersecurity firm, although these apps have been removed from official app stores, hackers have begun using phishing websites to continue targeting victims.
The ‘UniShadowTrade’ apps are capable of mimicking a variety of legitimate cryptocurrency and trading platforms, leading experts to advise users to be cautious.
What is the ‘Pig Butchering’ scam?
These scams often involve building trust with victims for a period of time, often via social media or dating apps, before presenting a fake investment opportunity. Scammers trick victims into depositing money on fraudulent platforms that show fake high returns. However, when victims try to withdraw their profits, they discover that the funds have disappeared along with the scammers.
Origin and spread of the scam
These scams first appeared in China around 2016, initially victimizing users of gay dating apps and then spreading to other platforms. The COVID-19 pandemic made the problem even worse as many gambling businesses in Southeast Asia turned to scam operations due to low patronage. Cambodia and Myanmar have since become major hubs for these scams, often involving trafficked individuals forced to participate in fraudulent activities.
How the scam works
Scammers typically follow a step-by-step process:
– Creating fake identities: Using stolen images, scammers create attractive online profiles, often depicting a lavish lifestyle.
– Building trust: Initial interactions, usually on dating or social media platforms, aim to establish an emotional connection.
– Investment manipulation: Victims are gradually persuaded to invest increasing amounts of money in fraudulent schemes under the promise of high returns with minimal risk.
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