Beware of 'Pig Butchering' scams: Fake trading apps are stealing money from smartphone users: Report

tech.hindustantimes.com:

A recent report from cybersecurity firm Group-IB reveals a widespread scam operation where hackers use counterfeit trading apps to steal money from users on iPhones and Android devices. These deceptive applications, found on both Google Play and the Apple App Store, have ensnared thousands of victims before their detection and removal 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. Positioned as legitimate trading platforms, these apps entice users into investing through a scam known as "Pig Butchering," Times of India reported.

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"Pig Butchering" scams involve building trust with victims over time, often through interactions on social media or dating platforms. Once trust is established, scammers introduce victims to a fake investment opportunity, encouraging them to deposit funds onto a fraudulent platform that displays fake returns. When victims try to withdraw their supposed profits, they find that their money has disappeared and the scammers are unreachable.

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Group-IB researchers noted that the UniShadowTrade apps, built using the UniApp framework, first surfaced in May. The fraudulent app for iOS was named "SBI-INT," while Android users encountered apps called "Finans Insights" and "Finans Trader6." Before being taken down, these applications accumulated over 5,000 downloads on Android.

Initially, the apps disguised themselves as legitimate financial tools. On iOS, the SBI-INT app claimed to provide assistance with algebraic mathematical formulas and 3D graphics calculations. The Android versions presented themselves as financial news aggregators. After installation, the apps