Scammers slide into DMs of Tinder and Bumble users in new iPhone crypto scam

A new iPhone scam uses social engineering to rake in millions from users using dating apps such as Bumble and Tinder, as well as a system which helps developers build new iOS apps, cyber security firm Sophos has warned.

2021-10-16 07:40:00 PM

A new iPhone scam uses social engineering to rake in millions from users using dating apps such as Bumble and Tinder, as well as a system which helps developers build new iOS apps, cyber security firm Sophos has warned.

A new iPhone scam uses social engineering to rake in millions from users using dating apps such as Bumble and Tinder, as well as a system which helps developers build new iOS apps, cyber security firm Sophos has warned.

Sophos said the scam started in Asia but has broadened its victim base to the US and Europe using Bumble and Tinder.The company's senior threat researcher, Jagadeesh Chandraiah, said the threat relies heavily on social engineering at almost every stage.

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“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,” said Chandraiah.“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.”

Chandraiah said that until recently the scammers mainly distributed these fake crypto currency trading apps through fake websites that resembled a trusted bank or the Apple App Store.“The addition of the iOS enterprise developer system introduces further risk for victims because they could be handing the attackers the rights to their device and the ability to steal their personal data,” he said. headtopics.com

“To avoid falling victim to these types of scams, iPhone users should only install apps from Apple’s App Store. The golden rule is that if something seems risky or too good to be true — such as someone you barely know telling you about some ‘great’ online investment scheme that will deliver a big profit — then sadly, it probably is.” 

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