Cybersecurity Alert: 17,000 Fake News Sites Fuel Global Investment Fraud
Cybersecurity firm CTM360 has uncovered a vast network of over 17,000 fake news sites, used by scammers to promote investment fraud on a global scale. These sites mimic legitimate news outlets like fox news and yahoo news, appearing in 50 countries, targeting local audiences in their native languages. The fraudulent news sites, often hosted on free or low-cost top-level domains, publish fake stories linking public figures and financial institutions to fabricated investment schemes. They use sponsored ads on platforms like Google and Meta to lure victims. Once clicked, users are directed to a registration form, branded as a legitimate trading service, where personal information is collected. After registration, victims are contacted by an 'investment expert' who encourages them to make an initial deposit. To deceive victims into making additional deposits, the sites display fake trading platforms with fabricated account dashboards showing profits. The Middle East was the hardest hit region, with over 10,000 identified baiting news sites. Scammers behind these investment fraud schemes exploit the trust in well-known news brands and use easily obtainable top-level domains to avoid detection. CTM360's discovery highlights the need for increased vigilance and stricter regulation to protect potential victims.
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