Cybercriminals are using fraudulent trading apps on platforms like Google Play and the Apple App Store to execute a global investment scam known as "pig butchering," according to new research by cybersecurity experts. This scam, primarily linked to cryptocurrency, involves conning victims into making large investments on fake trading platforms.
What is Pig Butchering? Pig butchering refers to a scam in which fraudsters build a trusting relationship with their victims before coaxing them into investing significant amounts of money on deceptive platforms. Once trust is established, the scammers drain the victims' accounts, leaving them with nothing. This scheme has become a major cyber threat, with reports estimating that over $75 billion has been stolen worldwide in the past four years.
Fake Trading Apps Targeting Users Since May, cybersecurity analysts have uncovered several counterfeit mobile apps posing as trading platforms. These apps, found on Google Play and the Apple App Store, were used as part of the pig butchering scam. The fake apps are classified under the UniShadowTrade malware family and were developed using the UniApp Framework.
How the Scam Works The fraudsters often target victims through social networking and dating platforms, using social engineering tactics to build trust. Once the relationship is established, the scammers convince their targets to download seemingly legitimate apps. These apps, disguised as tools for tasks like mathematical calculations or stock market updates, prompt users to create accounts and provide sensitive information. After the initial investment, victims are encouraged to invest more money, which they can never withdraw.
Examples of Fake Apps One fake app was promoted as a tool for algebraic calculations and 3D graphics but tricked users into making deposits. Another app, claiming to provide stock-related news, was downloaded over a thousand times before being removed from the Google Play Store. Despite these removals, cybercriminals continue to distribute the apps through phishing websites to both Apple and Android users.
Global Impact The research identified victims of pig butchering scams across the Asia-Pacific, European, and Middle East and Africa regions. The tactic is part of a broader range of strategies that cybercriminals are employing to execute investment fraud, including crypto scams and impersonating trusted websites.
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