Scammers are using over 17,000 phony news sites to push investment fraud, according to a new report from CTM360.
These websites, which the researchers call “Baiting News Sites (BNS),” spread via legitimate ad platforms such as Google or Meta. The sites impersonate well-known news providers, including CNN, the BBC, CNBC, News24, and ABC News. If a user clicks on one of these sites, they’ll be shown a fake news article about a well-known figure promoting a phony investment opportunity.
“Clicking the ad redirects to a fake news article designed to resemble CNN, Bloomberg, or local media outlets,” the researchers explain.
“These articles impersonate high-profile individuals and financial institutions, including central banks, and publish fabricated stories and quotes that suggest these entities endorse a platform called ‘Eclipse Earn,’ a supposed automated crypto investment system.”
Notably, the websites are tailored to target specific regions around the world. The phishing sites reference politicians, celebrities, and banks that are relevant to the users who see the ads. The attacks target users in more than fifty countries across the Americas, Europe, the Middle East, Africa, the Asia-Pacific, and Oceania.
The sites are designed to trick users into sending money and handing over sensitive information that can be used in future attacks.
“Victims are lured into making an initial deposit of around $240 to ‘activate’ their trading accounts on fraudulent platforms such as Solara or Vynex,” the researchers write. “After payment, the platform simulates access to live trading dashboards, showing fake profit growth to reinforce legitimacy and encourage continued engagement.”
After making an initial payment, the phishing site displays phony excuses such as “system errors, pending verification, or processing limits” to trick victims into continuing to send money while being unable to withdraw their supposed profits.
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CTM360 has the story.
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