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Fake trading apps linked to global pig butchering scam rings are flooding the Play Store and App Store

According to new research from cybersecurity firm Group-IB, cybercriminals have been flooding Google Play and Apple App Store with a sinister global scam known as “pig butchering.” This type of investment fraud, operating on a global scale, lures victims into making large investments, only to drain their funds later.

The scam gets its unusual name from how fraudsters “fatten” their victims by building trust before ultimately taking everything. Although it mainly revolves around cryptocurrency investments, the scam doesn’t target just crypto enthusiasts.

Group-IB’s research found that these criminals employ sophisticated social engineering techniques, often building relationships on dating or social media platforms, to deceive their victims. Once trust is established, victims are persuaded to download fake trading apps that appear legitimate, highlighting the need for caution and vigilance.

Since May, Group-IB has identified numerous fraudulent apps disguised as trading platforms. These apps, built using the UniApp Framework and classified as part of the UniShadowTrade malware family, were discovered on both Google Play and the App Store.

One of these bogus apps even posed as a tool for “algebraic mathematical formulas and 3D graphics volume area calculations.” Once users created an account and provided sensitive details, they were encouraged to make deposits and pressured into investing more money. Unfortunately, these funds could never be withdrawn.

Although some fake apps have been taken down, Group-IB reported that cybercriminals are still circulating them through phishing websites, targeting both Apple and Android users. Another deceptive app on Google Play claimed to offer stock-related news and attracted over a thousand downloads before being removed.

Victims of these schemes have been identified across multiple regions, including Asia-Pacific, Europe, and the Middle East. With more than $75 billion reportedly stolen over the last four years, this scam highlights the increasing sophistication of cybercriminals.

The rise of these fake apps adds to a growing list of tactics fraudsters use in the investment space. Cybercriminals have also been tricking people into transferring money via Bitcoin ATMs and impersonating well-known retail websites as part of their scams.

Group-IB’s findings underline the importance of vigilance when downloading apps, especially those related to finance. As scammers find new ways to exploit trust, users must remain cautious and verify platforms before sharing personal or financial information.

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