A fraud campaign using fake trading apps and phishing sites targeted victims worldwide, according to a report from Group-IB.
The scheme, dubbed “pig butchering,” involves luring victims into investing in cryptocurrency or financial instruments under false pretenses.
The campaign, known as UniShadowTrade, used fake apps built with the UniApp Framework, targeting victims across Asia-Pacific, Europe, Middle East, and Africa.
The cybercriminals behind the campaign tricked victims into downloading malicious apps promising quick financial gains, even managing to bypass Apple’s review process.
Once the initial malicious app was taken down, the attackers switched to distributing the app via phishing websites, targeting iOS users with a .plist file download.
Victims who installed the app were prompted to provide personal information, agree to terms, and make investments, only to be deceived into paying additional fees to withdraw their funds.
Group-IB also discovered fake stock investment scam apps on the Google Play Store, highlighting the ongoing threat of malware distribution via trusted platforms.
The cybercriminals continue to exploit users’ trust in secure app stores to deceive victims with promises of easy financial gains.
Overall, the use of web-based applications makes it challenging to detect and prevent such fraudulent schemes.
