Beware of ‘Pork Slaughter’ Scam: Fake Trading Apps Are Stealing Money from Smartphone Users: Report
A recent report from cybersecurity firm Group-IB revealed a widespread phishing operation in which hackers use fake trading apps to steal users’ funds on iPhone and Android devices . These fraudulent apps, found on both Google Play and the Apple App Store, ensnared thousands of victims before being discovered and removed from the platforms.
Experts advise users to uninstall any suspicious trading apps from their smartphones immediately.
The report identifies these fraudulent applications as part of the “UniShadowTrade” malware family. Seen as legitimate trading platforms, these apps lure users to invest through a scam called “Pork Slaughter”, Times of India reported.
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What is a “pork slaughter” scam?
“Porking” scams involve building trust with the victim over time, often through interactions on social media or dating platforms. Once trust has been established, scammers will present victims with a fake investment opportunity, encouraging them to deposit money into a fraudulent platform displaying fake returns. When victims try to withdraw their supposed profits, they discover that their money is gone and inaccessible to the scammers.
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Details of the fake trading application
Group-IB researchers note that UniShadowTrade apps, built using the UniApp framework, first appeared in May. The fraudulent app for iOS was named “SBI-INT”, in when Android users encountered apps named “Finans Insights” and “Finans Trader6”. Before being taken down, these apps had accumulated more than 5,000 downloads on Android.
Methods used by hackers to deceive users
Initially, these applications disguise themselves as legitimate financial instruments. On iOS, the SBI-INT app claims to provide support for algebraic formulas and 3D graphics calculations. Android versions present themselves as financial news aggregators. Once installed, the app redirected users to fake trading platforms that required invitation codes for access.
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Hackers use social engineering techniques to manipulate users, often seducing them through conversations on dating platforms to gain their trust. Phishing apps also request sensitive documents, such as national IDs and passports, further masquerading as legitimate entities while also soliciting personal information.
While the scam apps have been removed from app stores, hackers are said to have turned to phishing websites, continuing to exploit unsuspecting users. Group-IB warns that UniShadowTrade applications can clone various legitimate cryptocurrency and trading platforms, urging users to remain vigilant against potential scams.
