25
July

Massive Online Shopping Scam Racks Up 850,000 Victims

By avi maxwel / in , , , , , /

A group of bad actors — likely from China — is running a global cybercrime-as-a-service operation. It oversees a massive network of fake shopping websites that has conned more than 850,000 people in the United States and Europe into purchasing items, over the past three years, and the organization has tried to process more than $50 million in fraudulent orders.

The scam, called BogusBazaar by the researchers at German security research and consulting firm Security Research Labs (SRLabs), has included 75,000 false online shops with two goals: stealing credit card credentials from victims and processing never-fulfilled orders for expensive items through the fake websites.

“Both methods are sometimes used against the same victim in sequence: First, credit card data is harvested through a spoofed payment interface,” SRLabs consultant Matthias Marx wrote in a report. “The victim is then shown an error message and forwarded to a functioning payment gateway, which initiates a payment.”

As of last month, about 22,500 fake shopping sites were still active. Since 2021, the network has processed more than a million orders with an aggregated order volume of more than $50 million. Because not every order is successful, the overall financial loss from processing orders is

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02
January

Warning over bogus shopping sites as scam sales surge – The Irish Times

By avi maxwel / in , , , , , , , , /

Bank of Ireland has warned consumers about a new wave of purchase scams luring unsuspecting shoppers through online ads to make payments for goods and services that subsequently turn out to be fake.

In the past year, there has been a 32 per cent increase in purchase scams reported to Bank of Ireland.

From relatively low-value items such as clothes and trainers, through to holiday home deposits and even cars, consumers are often lured by the false promise of a slashed price or a bargain.

They are asked to pay directly by sending money from their bank account to another account via bank transfer, a method that provides little protection.

Once the payment is transferred, the seller usually cuts all contact, and the product or service never arrives.

“Fraudulent advertisements online and on social media have been the subject of regular warnings for some time,” said Bank of Ireland’s head of fraud Nicola Sadlier.

“This alarming trend is not going away, even with increased awareness among the general public, and repeated calls for websites and search engines to remove the adverts. These fake ads should be caught before they are published online, but many are not.”

She stressed that it

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