An international cryptocurrency trading scam targeting iPhone users through popular dating apps, such as Bumble and Tinder has been unearthed.
A report detailing the latest findings, “CryptoRom Fake iOS Cryptocurrency Apps Hit US, European Victims For At Least $1.4 Million,” shows that the operation has escalated. The attackers have expanded from targeting people in Asia to include people in the U.S. and Europe. Sophos has uncovered a Bitcoin wallet controlled by the attackers that contains nearly $1.4 million in cryptocurrency, allegedly collected from victims. Sophos researchers have code-named the threat “CryptoRom.”
“The CryptoRom scam relies heavily on social engineering at almost every stage,” said Jagadeesh Chandraiah, senior threat researcher at Sophos, a cyber security company. “First, the attackers post convincing fake profiles on legitimate dating sites. Once they’ve made contact with a target, the attackers suggest continuing the conversation on a messaging platform. They then try to persuade the target to install and invest in a fake cryptocurrency trading app. At first, the returns look very good but if the victim asks for their money back or tries to access the funds, they are refused and the money is lost. Our research shows that the attackers are making millions of dollars with this scam.”
Double Trouble
In addition to stealing money, the attackers can also gain access to victims’ iPhones, according to Sophos’ research. In this version of the attack, cybercriminals leverage “Enterprise Signature,” a system for software developers that helps organizations to pre-test new iOS applications with selected iPhone users before they submit them to the official Apple App Store for review and approval.
With the functionality of the Enterprise Signature system, attackers can target larger groups of iPhone users with their fake crypto-trading apps and gain remote management control over their devices. This means the attackers could potentially do more than just steal cryptocurrency investments from victims. They could also, for instance, collect personal data, add and remove accounts, and install and manage apps for other malicious purposes.
