Scammers from Chinese-based Network “Webwyrm” Defraud Thousands Worldwide
Cloudsek IB company has uncovered an international criminal network believed to be linked to China, where scammers exploit the naivety of applicants from around the globe. The fraudulent scheme, known as “Webwyrm,” has already affected over 100,000 victims and 1,000 companies, potentially resulting in losses exceeding $100 million.
The primary mode of communication used by these scammers is WhatsApp and Telegram, particularly targeting job search and recruitment portals as a means to contact victims. The scheme has impacted users in more than 50 countries, with the most affected regions being Great Britain, Canada, Singapore, Australia, Hong Kong, Indonesia, and India. Researchers have uncovered evidence suggesting a possible connection to China and have shared this information with the FBI and other international law enforcement agencies. The sequence of the fraud is as follows:
- Victims receive messages offering them a job with a weekly salary. The report indicates that the salary includes a base pay along with rewards that candidates can earn by completing 80-120 tasks daily.
- Victims are enticed to earn money through certain crypto platforms such as Kucoin or Shakepay. The scammers assure victims that the platform will refund their money, along with the commission, upon task completion. More than 6,000 fake websites have been identified by researchers.
- Victims are enticed to undertake “combo-storage” tasks that promise higher earnings compared to regular tasks. However, to unlock each new combo, victims are required to invest twice the amount of money they previously did.
- All combo-stories