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CYBER CRIME: Group-IB exposes Classiscam - Scam-as-a-Service operation expands

CYBER CRIME: Group-IB exposes Classiscam - Scam-as-a-Service operation expands
By Iain Fraser - Cybersecurity Journalist, Gibraltar
https://blog.iainfraser.net

Leading Cybersecurity firm Group-IB has exposed that Classiscam a "sophisticated" S-a-a-S (sic) (Scam-as-a-Service) has exposed "Classiscam" as the Scam-as-a-Service operation expands into Singapore.

As its name suggests, the scammers target users of Singapore´s leading classified platform. Posing as legitimate potential buyers the Classiscam operation targets sellers from their various listings with the ultimate goal being to steal their banking coordinates.

Since the Singapore scam has been exposed the Group-IB Digital Risk Protection (DRP) team has detected a total of 18 domains intended to target buyers on the local classified website, however, the Risk Protection team believes that the number of attacks is significantly higher.

Group-IB immediately shared its findings about the S-a-a-S with the Singapore Police Alliance of Public-Private Cybercrime Stakeholders (APPACT) and with the local classified website in question. The main goal of this research is to raise public awareness about the latest scamming methods and reduce the number of victims.

Group-IB has so far identified and categorized 380 different groups operating the "Classiscam" model, first identified as far back as 2019 in the Telegram messaging App with some 90 active groups. 

Currently, more than 38,000 scammers are registered in these groups, which is seven times more than in 2020. According to Group-IB’s estimates, globally, the damage from the Classiscam operations can be as high as $29,500,000. Learn More /...

About Classiscam

Classiscam, initially discovered by Group-IB researchers in 2020, is a fully automated scam-as-a-service affiliate program designed to steal payment and personal data from the users of popular classifieds and marketplaces. The scheme, unveiled by Group-IB experts, relies heavily on Telegram bots and chats to coordinate operations and create phishing and scam pages in seconds. Having originally appeared in Russia, the scheme migrated to Europe, the US and has now infiltrated the Asia Pacific. In the past three years, the Group-IB Digital Risk Protection team successfully blocked close to 5,000 resources that were part of  "Classiscammers" infrastructure. (Group-IB/Press Release quote)

About Group-IB

Founded in 2003 and headquartered in Singapore, Group-IB is a leading provider of innovations and solutions for counteracting cyber attacks, eliminating fraud, and protecting brands worldwide. Their innovative solutions and in-depth investigations eradicate cybercrime all over the globe to help this world become a safer place. We create an enabling environment for our customers, help boost their businesses by preventing potential attacks as well as reacting to real ones. Learn More /...

Iain Fraser - Cybersecurity Journalist

Image Credit: Sebastien Marty/Pixabay 

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