Hackers are running a sophisticated “pig butchering” scam operation using a bunch of fake trade apps that are available for download on both the Google Play and Apple App Store, a new report from cybersecurity firm Group-IB has claimed. These apps have helped hackers trap thousands of victims before they were detected and removed from both the platforms.If you have them on your phones, it is advised that you uninstall them right away.
According to the report, these fraudulent apps — dubbed the “UniShadowTrade” malware family by researchers — were present as legitimate trading platforms, luring users into a deceptive investment scheme, commonly known as “Pig Butchering”.
What is “Pig Butchering” scam
These scams involve cultivating trust with victims over time, often through social media or dating apps, before introducing them to a fake investment opportunity. The scammers manipulate victims into depositing funds onto a fraudulent platform that displays fabricated high returns. When victims attempt to withdraw their “profits,” they discover the money is gone, and the scammers have vanished.
What are the ‘fake’ trading apps
Researchers at Group-IB discovered that the UniShadowTrade apps were built using the UniApp framework and first appeared in May. On iOS, the fraudulent app was called “SBI-INT,” while Android users were targeted with “Finans Insights” and “Finans Trader6.” These apps were downloaded over 5,000 by Android users before their removal.
How hackers targeted users
To deceive users, the apps initially disguised themselves as legitimate tools. On iOS, SBI-INT posed as an app for “algebraic mathematical formulas and 3D graphics volume area calculations.”
The Android versions presented themselves as financial news aggregators. However, once installed, these apps redirected victims to fake trading platforms accessible only through invitation codes.
The scammers employed social engineering tactics, often grooming victims through conversations on dating apps to gain their trust. The fraudulent apps even requested users upload personal documents like national IDs and passports, impersonating legitimacy to the scheme while simultaneously stealing sensitive information.
The researchers say that while the apps have been removed from the respective app stores, hackers have shifted their distribution method to phishing websites, continuing to target unsuspecting victims.
The cybersecurity firm also notes that the UniShadowTrade apps are capable of mimicking a wide range of legitimate cryptocurrency and trading platforms, advising users to exercise caution.
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