"Also: Phishing training doesn't stop your employees from clicking scam links - here's why Chinese scam rings have made over $1 billion in the past three years by sending scam text messages, officials warn. As reported by The Wall Street Journal, those irritating scam messages you receive -- claiming that you've forgotten to pay a toll, you have an unpaid traffic violation, or there are US Postal Service fees outstanding -- hide a dark, "billion-dollar, highly sophisticated business.""
"Department of Homeland Security officials have blamed cybercriminals working out of China for spam text messages relating to fake toll fees and USPS demands. According to the WSJ, Chinese criminals are operating server farms that blast out scam texts to US residents. These so-called "SIM farms," many of which have been found in the US but are operated remotely, can send thousands of scam texts with little human oversight."
"If victims fall for one of these scam texts, they are asked to hand over their credit or payment card details, plus one-time passcodes, via fraudulent phishing websites. Once this financial information has been handed over, individuals in the US max out digital, clone cards produced with stolen card information for what the WSJ calls a "small fee." Also: The best password managers: Expert tested For example, a mule is paid 12 cents for every $100 gift card they buy using fraudulent financial informat"
Scam SMS messages impersonating toll authorities and postal services fuel a billion-dollar fraud ecosystem. China-based cybercriminals operate SIM farms that blast phishing texts to U.S. numbers with minimal human oversight. Victims are lured to fraudulent websites and asked to provide card details and one-time passcodes. Stolen data is used to create digital cloned cards that U.S.-based mules then max out or convert into gift cards for small commissions. Purchased luxury goods bought with stolen funds are shipped to China. Department of Homeland Security officials have linked these coordinated operations to criminal networks using gig workers recruited via platforms like WeChat.
Read at ZDNET
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