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ChatGPT, As A Tool CryptoRom Scammers Use to Defraud iPhone And Android Users

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CryptoRom fraudsters have refined their method to reap people off their cryptocurrencies.

The love and trust people have for AI bots like ChatGPT makes the scamming operation easier for the scammers.

This is because they include ChatGPT in their new fraudulent method. The recently released report from Sophos confirms this.

Sophos is a leading global cybersecurity firm. Its recent report tagged “Sha Zhu Pan Uses AI Chat Tool to Target iPhone and Android Users” reveals the scammers’ new trick.

According to Sophos, certain fraudsters have sneaked in about seven new crypto investment applications into Google Play and Apple Store.

This report dated the incident to have started in May 2023.

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MORE DETAILS

The plan is to lure users in to see their neatly arranged but fake crypto interface. When users perform transactions, they run off with it.

Also, the scammers give their victims fake alarms that their crypto accounts got hacked. With this, they request more money from the users to fix it, enriching themselves even more.

These scammers also use dating apps to reach out to their scam victims and convince them to invest using their fake apps. All these got possible with the help of an AI, ChatGPT, as one of the scammers’ toolsets.

The scammer, us AI, drafts their luring message to their victims. The information about using AI for scams reached SophosX-Ops when a victim reported being scammed.

They shared their concern as the cryptocurrency scam rate is currently high. A report from the US FBI’s Internet Crime Complaint Center shows that in 2022 in the US, the highest fraud scheme was investment fraud.

People lost money while trying to make more money on the different platforms built to conduct scams.

The total amount lost in the US in 2022 to investment fraud is $3.31 billion. This was a rather high loss compared to the $2.57 billion lost in 2021.

The scam rate between 2021 and 2022 increased by 183%, and it might be higher in 2023 if it doesn’t get challenged. From the report, most of these scams involved crypto currency and pig butchering.

Conclusion

AI has done a lot of good since it got launched. Now, scammers have devised a means to use it to defraud people of their cryptocurrencies through investments.

Sophos has expressed its worries in its report, which they only learned about when a victim reached out. However, with their new form, these scams might grow bigger with even more convincing formats.

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