Pig-butchering scam apps sneak into Apple’s App Store and Google Play

guest · Feb 1, 2023

By Dan Goodin @dangoodin@infosec.exchange - February 1, 2023

In the past year, a new term has arisen to describe an online scam raking in millions, if not billions, of dollars per year. It’s called "pig butchering," and now even Apple is getting fooled into participating.
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Researchers from security firm Sophos said on Wednesday that they uncovered two apps available in the App Store that were part of an elaborate network of tools used to dupe people into putting large sums of money into fake investment scams. At least one of those apps also made it into Google Play, but that market is notorious for the number of malicious apps that bypass Google vetting. Sophos said this was the first it had seen such apps in the App Store and that a previous app identified in these types of scams was a legitimate one that was later exploited by bad actors

Pig butchering relies on a rich combination of apps, websites, web hosts, and humans—in some cases human trafficking victims—to build trust with a mark over a period of weeks or months, often under the guise of a romantic interest, financial advisor, or successful investor.
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Abusing trust in the App Store
Sophos said that it recently found two iOS listings in the App Store that were used for CryptoRom, a type of pig butchering that uses romantic overtures to build the confidence of its victims. The first was called Ace Pro and claimed to be an app for scanning QR codes.

The second app was MBM_BitScan, which billed itself as a real-time data tracker for cryptocurrencies. One victim Sophos tracked dumped about $4,000 into the app before realizing it was fake.

“If criminals can get past these checks, they have the potential to reach millions of devices,” Sophos researchers wrote. “This is what makes it more dangerous for CryptoRom victims, as most of those targets are more likely to trust the source if it comes from the official Apple App Store.”
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Combined with the emotional vulnerability of some victims, the rise of app-based finance, and the unwitting role played by companies like Apple and Google, these and other techniques have proven effective.
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Sophos: Fraudulent “CryptoRom” trading apps sneak into Apple and Google app stores

by Jagadeesh Chandraiah - February 1, 2023
Using changing remote content, apps slide by official review process to deliver fraud through the Apple App Store and Google Play Store.
CryptoRom is a romance-centered approach to financial fraud and a form of what is also known as “pig butchering” or “sha zhu pan” (杀猪盘, literally “pig butchering plate”). This type of fraud uses social engineering in combination with counterfeit financial applications and websites to ensnare victims and steal their money.
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ronjor · May 2, 2023

That simple ‘hi’ text from a stranger could be the start of a scam that ends up costing you millions

Rohan Goswami@in/rohangoswamicnbc/@rogoswami May 2 2023
Pig-butchering operations run out of Asia but target victims globally, with scammers promising love and wealth to get their victims to invest their fortunes.
The scam often starts simply with an unsolicited text message.
Reported U.S. losses from investment scams totaled $3.31 billion last year, according to the FBI, but experts say that many victims are too embarrassed to report their losses.
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Rasheed187 · May 27, 2023

ronjor said: ↑

That simple ‘hi’ text from a stranger could be the start of a scam that ends up costing you millions
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Yes read about it, I still think that these people are pretty dumb though. No matter how pretty the lady is, she wouldn't be able to persuade me to invest in this crypto crap.

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Pig-butchering scam apps sneak into Apple’s App Store and Google Play

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Pig-butchering scam apps sneak into Apple’s App Store and Google Play

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