Hackers Are Doing 'Pig Butchering' Scams Using Fake Trading Apps

Fake trading apps on Google Play and Apple's App Store have lured victims into "pig butchering" scams with global reach. Cybersecurity company Group-IB uncovered the fraud, noting the apps were removed after gaining thousands of downloads. In these scams, victims are promised high investment returns through fake trading platforms showing fabricated data. Fraudsters use social engineering to encourage deposits and block withdrawals of fake "profits." The scam is exposed when victims try to withdraw funds, only to find their money has been transferred to the fraudsters' accounts. Read more...