U.S. Sanctions Funnull for $200M Romance Baiting Scams Tied to Crypto Fraud

The U.S. Department of Treasury's Office of Foreign Assets Control OFAC has levied sanctions against a Philippines-based company named Funnull Technology Inc. and its administrator Liu Lizhi for providing infrastructure to conduct romance baiting scams that led to massive cryptocurrency losses. T...

Xinbi Telegram Market Tied to $8.4B in Crypto Crime, Romance Scams, North Korea Laundering

A Chinese-language, Telegram-based marketplace called Xinbi Guarantee has facilitated no less than $8.4 billion in transactions since 2022, making it the second major black market to be exposed after HuiOne Guarantee. According to a report published by blockchain analytics firm Elliptic, merchant...

Changing the narrative on pig butchering scams

Welcome to this week's edition of the Threat Source Newsletter. Love is in the air this week. Wait, is that love? Or is it some tech bro with a housing development company that would totally love to meet in person but can't this week emailing you about an investment opportunity in his...

The Loneliness Epidemic Is a Security Crisis

Romance scams cost victims hundreds of millions of dollars a year. As people grow increasingly isolated, and generative AI helps scammers scale their crimes, the problem could get worse...

INTERPOL Pushes for "Romance Baiting" to Replace "Pig Butchering" in Scam Discourse

INTERPOL is calling for a linguistic shift that aims to put to an end to the term "pig butchering," instead advocating for the use of "romance baiting" to refer to online scams where victims are duped into investing in bogus cryptocurrency schemes under the pretext of a romantic relationship. "Th...

Meta takes down more than 2 million accounts in fight against pig butchering

Meta provided insight this week into the company's efforts in taking down more than 2 million accounts that were connected to pig butchering scams on their owned platforms, Facebook and Instagram. Pig butchering scams are big business, with hundreds of millions of dollars involved every year. The...

Man Gets 25 Years for Online Dating Hostage Scams Targeting Americans

Romance Scammer Sentenced to 25 Years for Hostage-Taking. The Venezuelan national lured US citizens via online dating and…...

INTERPOL Arrests 8 in Major Phishing and Romance Fraud Crackdown in West Africa

INTERPOL has announced the arrest of eight individuals in Côte d'Ivoire and Nigeria as part of a crackdown on phishing scams and romance cyber fraud. Dubbed Operation Contender 2.0, the initiative is designed to tackle cyber-enabled crimes in West Africa, the agency said. One such threat involved...

A week in security (September 23 – September 29)

Last week on Malwarebytes Labs: Millions of Kia vehicles were vulnerable to remote attacks with just a license plate number Privacy watchdog files complaint over Firefox quietly enabling its Privacy Preserving Attribution Telegram will hand over user details to law enforcement Don’t share the vir...

Romance scams costlier than ever: 10 percent of victims lose $10,000 or more

Romance scams continue to plague users, but their costs have risen to staggering heights, according to a Malwarebytes survey carried out last month via our weekly newsletter. More than 66 percent of 850 respondents have been targeted by a romance scam, and those that were ensnared paid a hefty...

Patchwork Hackers Target Bhutan with Advanced Brute Ratel C4 Tool

The threat actor known as Patchwork has been linked to a cyber attack targeting entities with ties to Bhutan to deliver the Brute Ratel C4 framework and an updated version of a backdoor called PGoShell. The development marks the first time the adversary has been observed using the red teaming...

HuiOne Guarantee: The $11 Billion Cybercrime Hub of Southeast Asia

Cryptocurrency analysts have shed light on an online marketplace called HuiOne Guarantee that's widely used by cybercriminals in Southeast Asia, particularly those linked to pig butchering scams. "Merchants on the platform offer technology, data, and money laundering services, and have engaged in...

U.S. Sentences 31-Year-Old to 10 Years for Laundering $4.5M in Email Scams

The U.S. Department of Justice DoJ has sentenced a 31-year-old man to 10 years in prison for laundering more than $4.5 million through business email compromise BEC schemes and romance scams. Malachi Mullings, 31, of Sandy Springs, Georgia pleaded guilty to the money laundering offenses in Januar...

The Real-Time Deepfake Romance Scams Have Arrived

Watch how smooth-talking scammers known as “Yahoo Boys” use widely available face-swapping tech to carry out elaborate romance scams...

“Pig butchering” is an evolution of a social engineering tactic we’ve seen for years

Whether you want to call them "catfishing," "pig butchering" or just good old-fashioned "social engineering," romance scams have been around forever. I was first introduced to them through the MTV show "Catfish," but recently they seem to be making headlines as the term "pig butchering" enters th...

Pig butchering scams, how they work and how to avoid them

Pig butchering scams are big business. There are hundreds of millions of dollars involved every year. The numbers are not very precise because some see them as a special kind of romance scam, while others classify them as investment fraud. The victims in Pig Butchering schemes are referred to as...

‘AI Girlfriends’ Are a Privacy Nightmare

Romantic chatbots collect huge amounts of data, provide vague information about how they use it, use weak password protections, and aren’t transparent, new research from Mozilla says...

Patchwork Using Romance Scam Lures to Infect Android Devices with VajraSpy Malware

The threat actor known as Patchwork likely used romance scam lures to trap victims in Pakistan and India, and infect their Android devices with a remote access trojan called VajraSpy. Slovak cybersecurity firm ESET said it uncovered 12 espionage apps, six of which were available for download from...

Investment fraud a serious money maker for criminals

Europols’s spotlight report ‘Online fraud schemes: a web of deceit’, looks into online fraud schemes—a major crime threat in the EU and beyond—and one of the reports primary themes is investment fraud. But first I want to share some more remarkable conclusions from the report: Charity scams that...

3,500 Arrested in Global Operation HAECHI-IV Targeting Financial Criminals

A six-month-long international police operation codenamed HAECHI-IV has resulted in the arrests of nearly 3,500 individuals and seizures worth $300 million across 34 countries. The exercise, which took place from July through December 2023, took aim at various types of financial crimes such as...