Security News > 2023 > September > Classiscam Scam-as-a-Service Raked $64.5 Million During the COVID-19 Pandemic

The Classiscam scam-as-a-service program has reaped the criminal actors $64.5 million in illicit earnings since its emergence in 2019.

Germany, Poland, Spain, Italy, and Romania accounted for the highest number of fraudulent transactions registered in Classiscam chats.

First discovered in 2019, Classiscam is an umbrella term for an operation that encompasses 1,366 distinct groups on Telegram.

The backend infrastructure that facilitates the scam is an intricate pyramid of workers and bombers, who interface with the victims and redirect them to the spoofed pages; supporters; money mules; developers; and administrators, who oversee the recruitment of new workers and other day-to-day aspects.

"In some of the most recent Classiscam operations , the scammers added a balance check, completed by the victim, to the phishing web pages. This step was introduced so that the scammers can assess how much money is in the victim's bank account to understand the amount they can charge to the card."

"Most people trafficked into the online scam operations are men, although women and adolescents are also among the victims," the U.N. Human Rights Office said.

News URL

https://thehackernews.com/2023/09/classiscam-scam-as-service-raked-645.html