Crypto scammers target iPhone users via dating apps, report says

An international cryptocurrency trading scam is targeting iPhone users through popular dating apps   | Photo Credit: Reuters

An international cryptocurrency trading scam is targeting iPhone users through popular dating apps, such as Bumble and Tinder, cybersecurity firm Sophos said.

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The cybersecurity firm has uncovered a Bitcoin wallet controlled by the attackers that contains nearly $1.4 million in cryptocurrency, collected from victims. Sophos researchers have code-named the threat “CryptoRom.”

CryptoRom scam relies heavily on social engineering at almost every stage, Jagadeesh Chandraiah, senior threat researcher at Sophos said in a blog.

The attackers post fake profiles on legitimate dating sites. They connect with their targets through these sites and convince them to continue the conversation on a messaging platform.

They then persuade the target to install and invest in a fake cryptocurrency trading app assuring good returns. If the victim asks for their money back or tries to access the fund after investment, they are refused and the money is lost, Sophos said.

The attackers can also gain access to victims’ iPhones, it said.

They can target iPhone users with their fake crypto-trading apps and gain remote management control over their devices. They can collect personal data, add or remove accounts,install and manage apps for other malicious purposes.

"The scammers used social engineering to dupe innocent people. We earnestly request investors to exercise caution, and trade only on legitimate platforms that follow KYC and AML guidelines," cryptocurrency exchange WazirX spokesperson told The Hindu on how to prevent such incidents.

Also Read | Chinese crypto addresses sent $2.2 billion to scams, darknets in 2019-2021

The exchange, based in India, also highlighted that it is crucial to educate the newcomers to crypto trading on the safety practices to keep their accounts and funds secure.

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Printable version | Dec 6, 2021 8:12:01 AM |

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