Recent reports from the US department of homeland security and cybersecurity services providers reveal that Chinese criminal organisations have earned more than US$1bn (billion) through a wave of sophisticated text message scams — a scheme that serves as a global warning, including for India. The operation has become so well-established that criminal groups now sell pre-packaged hardware kits on Telegram to carry out these cybercrimes, according to a report from The Wall Street Journal (WSJ) How the Scam Works These operations are a high-tech version of smishing (SMS phishing). Fraudsters send fake messages that appear to come from trusted agencies—such as highway authorities or postal services—warning recipients about unpaid tolls or delivery charges. 1. Mass Messaging
Fraud Alert: Chinese Gangs behind US$1bn Text Message Scam
Moneylife11/07
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