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Beware of CryptosLabs, the champion of brand spoofing

Group-IB warns against the practices of this dreaded “scam-as-a-service” that has automated tools.

Antifraud action - December 22, 2022

In a report released on December 7, 2022, Group-IB cybersecurity researchers warn of a cybercriminal group called CryptosLabs. It’s a “scam-as-a-service” with a variety of tools to impersonate well-known brands to push false investments.

Group-IB has formally identified 20 victims in France, for a loss of 280,000 euros, as well as another victim who lost 1.5 million euros. However, researchers estimate that CryptosLabs would have amassed about 480 million euros since its creation in 2018.

The group allows its affiliates to automate the creation of malicious sites that mimic those of reputable investment firms. It also offers a CRM platform, a messaging and a telephone tool, facilitating dialogue with victims.

The modus operandi of CryptosLabs is quite classic: cybercriminals multiply announcements on forums and social networks. Their goal: to lure their victims to one of the 300 sites impersonating 40 companies specialized in finance and asset management.

A telephone call then allows the hackers to select the most vulnerable prey. They then entice them to deposit a few hundred euros into their accounts, and then announce large profits to encourage them to “invest” more money.

If the victim wants to make a withdrawal, the fraudulent platform tells them that their assets have been frozen, and that they have to pay a fee to unlock them. Naturally, the cybercriminals keep all the money that has been paid out.

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