A Group IB report reveals the “pig butchering” scam via fake trading apps on the official platforms of Google Play Store and Apple Store.
Pig butchering refers to long-term investment fraud where the victim is considered a “pig” and fattened up before being slaughtered for their money. The fraudsters gain the trust of the victims and convince them to invest more in the phony scheme.
However, the scam is revealed when the victims or investors try to withdraw their money which the fraudsters take away. Group IB exposed three fake trading names SBI-INT (iOS), Finans Insights (Android), and Finans Trader6 (Android). The team also identified from the download counter that these apps were downloaded 5000 times.
Luckily, Apple and Google removed the fake trading apps from their stores after the notice of the Group IB report. They also provide extensive lists of similar fraud apps to vigilant people of pig butchering scams.
Andrey Polovinkin, a Group-IB researcher said, “Cybercriminals continue to use trusted platforms such as the Apple Store or Google Play to distribute malware disguised as legitimate applications, exploiting users’ trust in secure ecosystems.”
“Victims are lured in with the promise of easy financial gains, only to find that they are unable to withdraw funds after making significant investments. The use of web-based applications further conceals the malicious activity and makes detection more difficult.”
He also stated that fraudsters usually contact victims from fake attractive women’s identities and gain their personal information from mutual friends.
People should stay alert to protect their money from fraudsters. It is recommended to search history, origins, and users’ reviews before trusting strange apps and persons.
