April 21, 2024

ScamSniffer: Users lost $4 million on phishing crypto sites advertised by Google Ads

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ScamSniffer: Users lost $4 million on phishing crypto sites advertised by Google Ads

According to the ScamSniffer platform, users lost more than $4 million in a month by falling victim to phishing cryptocurrency sites.Their creators use the Google Ads contextual advertising service.

Analysts at ScamSniffer have found out that in recent weeks, Google search has been dominated by ads with ads advertising malicious pages.Most users don't suspect that ads can be fraudulent, so they clickBasically, the attackers are disguised as decentralized protocols and crypto companies like Zapper.fi, Lido, Stargate, DefiLlama, Orbiter Finance, and Radiant.

Scammers use URLs similar to those of companies' official websites, making minor changes.Therefore, it is difficult for people to understand that they have clicked on a dangerous link.On phishing sites, users are asked for login details for a wallet or account of a real crypto project, which are then used to steal crypto assets.

Unknown individuals who advertise fraudulent sites employ a number of methods to circumvent Google's ad verification.This includes manipulating the Google Click ID parameter, which allows attackers to display a normal web page while viewing Google ads.

According to ScamSniffer, $4.16 million has been stolen from more than 3,000 users in the past month.The attackers moved the stolen funds to the SimpleSwap exchange service, a cryptocurrency mixerTornado, as well as cryptocurrency exchanges KuCoin and Binance.US.

Analysts at ScamSniffer have suggested that the average cost per click on keywords isBased on an estimated conversion rate of 40% from 7500 users who clicked on the ad, the cost of advertising isabout $15,000 , and its profitability reaches 276%.

Recently, Kaspersky Lab warned of an increase in the number of cryptocurrency phishers.According to experts, over the past year, for example, the number of phishing attacks in Azerbaijan has tripled.