New hierarchy, heightened threat: Classiscam’s sustained global campaign

Classiscam was initially launched as a relatively straightforward scam operation. Cybercriminals created fake ads on marketplaces and classified sites, and leveraged social engineering techniques to trick users into “buying” the falsely-advertised goods or services, whether by transferring money directly to the scammers or by debiting money from the victim’s bank card.

Over time, Classiscam schemes have expanded to allow the fraudsters to pose as both buyers and sellers of items, and operations have become automated, which has lowered the barrier of entry for would-be participants. The scheme now utilizes Telegram bots and chats to coordinate operations and create phishing and scam pages in a handful of seconds.

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Source: Group-IB