Love at the price of cryptocurrency scams


By Joon Hoong Wong, Country Manager, Sophos Malaysia

The Royal Malaysia Police recently reported that there were 98,607 instances of online fraud between 2017 and 2021 totalling RM3.3 billion. According to this report, love scams are one of the leading ways Malaysians are tricked out of handing over their money.

Given this, it is no surprise that Sophos, as a global cybersecurity leader, has discovered new insight in the art of romance swindle involving an international cryptocurrency trading scam called, CryptoRom. The new research by Jagadeesh Chandraiah, senior threat researcher, SophosLabs is based on first-hand accounts shared with Sophos by victims of the scam, which targets iPhone and Android users through popular dating apps, such as Bumble and Tinder.

Criminals adopt a fake online identity to gain a victim’s affection and trust. After getting them to fall in love via these dating and social media sites, the criminals will…

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