Sed ut perspiciatis unde. Hackers are stealing money from gullible victims looking for a flash Loan and moving it into China, experts have warned.A new report from cybersecurity experts CloudSEK has suggested such activity means there is a need for greater international cooperation in order to stop this type of fraud.As per the report, hackers (which CloudSEK believes are Chinese) have created over four dozen Android apps, impersonating popular Indian banks. These apps are hosted on different third-party app repositories and standalone websites. Then, they are “aggressively” advertised through social media. The advertisements promise quick and substantial loans, and easy repayments.Gullible consumers who fall for the trick are then asked to share personal information, such as their name, address, phone number, and bank account information. Furthermore, they are asked to pay a processing fee, usually 5% of the loan they are applying for. When that happens, the app goes dark, the loan never makes it to the victim’s bank account, and the money is gone.Apparently, the hackers managed to steal more than $44,000 this way. The worst part is that the money is quickly moved across the border and into China, where the lack of proper regulatory scrutiny allows the attackers to hide their tracks effectively. This is made possible with the use of various payment gateways, not just Chinese, but also Indonesian, Malaysian, South African, Mexican, Brazilian, Turkish, Vietnamese, Philippino, and Colombian. “A notable trend we’ve observed is scammers exploiting Chinese payment gateways due to their relative ease of use and limited regulatory scrutiny. These gateways offer a convenient bridge to funnel funds outside India, leveraging sophisticated techniques that blur jurisdictional lines, making it challenging to track and intercept the money trail,” said Sparsh Kulshrestha, Senior Security Analyst at CloudSEK. “This enables scammers to sidestep the legal and financial roadblocks, making it imperative for authorities to enhance cooperation and adopt advanced measures to counter this sophisticated threat.”Source link Save my name, email, and website in this browser for the next time I comment.By using this form you agree with the storage and handling of your data. * Δdocument.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() );Tech dedicated news site to equip you with all tech related stuff.I agree that my submitted data is being collected and stored.✉️ Send us an emailTechToday © 2023. All Rights Reserved.TechToday.co is a technology blog and review site specializing in providing in-depth insights into the latest news and trends in the technology sector.TechToday © 2023. All Rights Reserved.Be the first to know the latest updatesI agree that my submitted data is being collected and stored.