iPhone, Android users lose life savings to romance fraud, cryptocurrency operation

iPhone and Android users are falling prey to new and even more extortionate tactics by romance and cryptocurrency scam artists. 

Romance scams are nothing new, but their potential impact has expanded due to mobile technology and the connectivity of our smartphones to core financial services, banking, and investment opportunities. 

The US Federal Trade Commission (FTC) says that 2021 was a “goldmine” for scammers, and $770 million was lost due to social media scams alone during the year. Investment, cryptocurrency, and romance scams were the most common ways fraudsters cashed in. 

In 2021, Sophos revealed “CryptoRom,” an international criminal ring conducting romance scams across Asia, the US, and Europe. At the time, Sophos said that CryptoRom primarily targeted Bumble and Tinder users, luring them into downloading fake cryptocurrency trading apps by abusing Apple’s Enterprise Signature platform. 

The researchers have now provided an update on the scammers’ activities. On Wednesday, ESET said that victims have been contacting the company, providing their own stories and allowing the team to collect more threat information. 

“Most also reported that they had lost thousands of dollars in personal savings to the crooks behind the scams, though some saw our previous reports and recognized the scam before being

Read More: https://www.zdnet.com/article/iphone-android-users-lose-life-savings-to-romance-fraud-cryptocurrency-operation/#ftag=RSSbaffb68