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This Telegram-based enterprise uses affiliates who create fake ads and web pages using its phishing kits, much like ransomware-as-a-service. The theft of money, credit card information, and most recently, banking credentials, was their goal.
Developers and associates then split the illicit profits. The developers keep 20–30% of the money, while the affiliates get the rest.
This criminal platform’s initial exposure by Group-IB in 2019 resulted in a sharp rise in its use. It provided services to 40 cybercrime gangs in 2020 and earned a total of $6.5 million.
By 2021, Classiscam had expanded even more, with 38,000 registered users, 90 Telegram channels selling scam kits, and an estimated $29 million in losses.
Group-IB has just released fresh research. By tricking consumers of classified websites and stealing their money and credit card information, Classiscam has amassed an astounding $64.5 million.
Classiscam’s Global Expansion: Europe in Crosshairs, UK Users Hit Hardest
In addition, the list of targeted businesses has grown from 169 to 251, enlisting 393 criminal gangs from 79 different countries, who are all coordinated through one of the operation’s 1,366 Telegram groups.
The European continent has taken center stage, with Germany having the most victims overall, followed by Poland, Spain, Italy, and Romania.
Internet users in the UK saw the biggest average loss per transaction among Classiscam’s victims, coming up at $865 as opposed to the global average of $353.
The process has become increasingly automated, using Telegram bots to quickly create phishing and scam ad sites.
Additionally, the participating gangs’ hierarchies have become more complicated, and phishing websites have advanced significantly. These websites now do balance checks to determine the maximum amount they may charge a victim and incorporate fake bank login pages to steal e-banking account details.
Unfortunately, Classiscam is just becoming better at stealing money and shows no signs of slowing down. This achievement will compel other crooks to join its ranks.
By following security procedures, users of classified websites can protect themselves from these frauds. This include refusing to contact outside of the chat channel provided by the platform, abstaining from sending money to vendors, being wary of exceptionally cheap pricing, and only utilizing secure payment methods that provide fraud protection.