Security News > 2023 > August > FBI Alert: Crypto Scammers are Masquerading as NFT Developers

In these fraudulent schemes, criminals either obtain direct access to NFT developer social media accounts or create look-alike accounts to promote "Exclusive" new NFT releases, often employing misleading advertising campaigns that create a sense of urgency to pull them off.

"Links provided in these announcements are phishing links directing victims to a spoofed website that appears to be a legitimate extension of a particular NFT project," the FBI said in an advisory last week.

The chat is moved to a private messaging app such as Telegram or WhatsApp, where they encourage them to use fraudulent crypto websites or apps and make substantial investments.

"Criminals coach victims through the investment process, show them fake profits, and encourage victims to invest more," the FBI said.

The romance-centered social engineering attacks have also gotten a facelift in recent months, with Sophos identifying apps on the Apple App Store and Google Play Store that make use of generative AI features to lend more credibility to conversations with the victims on messaging apps like WhatsApp.

"These applications are able to get past review by Apple and Google by modifying remote content associated with the apps after they are approved and published to the stores," the cybersecurity company said.

News URL

https://thehackernews.com/2023/08/fbi-alert-crypto-scammers-are.html