Researchers have uncovered a sophisticated betting scam which has been spotted across social media platforms, with the fraudsters using AI technology to help their plans come to life.
According to the Group-IB CERT Team, more than 500 deceptive ads and over 1,377 malicious websites have been “designed to trick users into downloading fraudulent applications that promise users easy money in a matter of seconds.”
While the claims sound appealing, the team say they have actually been created to steal personal data and money from users.
⚠️Fraud Alert! Over 1,377 malicious websites have been spotted promoting fake betting ads on #socialmedia. Learn how to spot these #scams and stay safe from data and #financial theft. Read more: https://t.co/kzcSRlUUSF#OnlineFraud #CyberSecurity #StayVigilant pic.twitter.com/7rkQBHhoAH
— Group-IB Global (@GroupIB) November 28, 2024
To entice people, fraudsters are said to use AI voice technology to build trust and make them seem more legitimate.
The team have discovered these scams across multiple regions, with more than 200 ads targeting Egypt, 160 ads in the Gulf Cooperation Council (GCC), and another 140 in Europe and Asia.
They say the “momentum of such scams have rapidly increased, with scammers continually expanding into new markets.”
What is the new AI betting scam? Report states findings
The computer software company which creates cybersecurity technologies to investigate, prevent, and fight digital crime – Global IB – has shared some key discoveries about the AI betting scam.
Firstly, “scammers use social media ads that look legitimate, luring users with promises of quick financial gain through betting games.” Many of the ads have been found to impersonate banking and fintech brands.
Once someone engages with the ads, they are said to be instructed to download a fake app from an untrusted source.
The user is then required to make a small deposit to start playing and while scammers would allow users to win small amounts initially, users quickly lose more money as they progress.
When they try and attempt to make a withdrawal, they find their winnings are now locked or the app has disappeared.
One of the key tactics being used is the use of AI-generated voices in different languages which helps to make the ads seem more local to that person and trustworthy.
Another factor behind the success of these scams is the use of fake reviews and testimonials, as scammers flood social media and fake review sites with fabricated stories of success.
Featured Image: AI-generated via Ideogram
