Photo: hindustantimes.com
Chinese Scammers Rake in $1 Billion via Text Fraud and Phishing Networks
A Chinese scam network has generated $1 billion through a sophisticated confidence trick involving text messaging and phishing schemes, exploiting stolen credit card information.
- Investigators revealed that a gang based in China is behind the massive fraud, utilizing phishing websites to harvest credit card details from unsuspecting victims.
- The scam operates by sending millions of text messages, linking victims to fake sites, and employing gig workers in the United States to use stolen credit cards.
- An ingenious method allows criminals to install stolen card numbers in Google and Apple Wallets in Asia, facilitating purchases in the U.S. without detection.
Why It Matters
This extensive scam highlights the vulnerabilities in cybersecurity and the international reach of cybercrime, prompting concerns from the United States Department of Homeland Security and U.S. Immigration and Customs Enforcement regarding the growing threat of such organized fraud.