YouTube acting as a heaven to online fraudsters fake Cryptocurrency giveaways

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YouTube, Google’s most trusted video sharing platform, is in news for all the wrong reasons. As per a research conducted by threat intelligence firm Group IB, fraudsters are using 36-40 fake YouTube Streams to attract over 200,000 viewers with fake cryptocurrency giveaways.

According to the survey conducted by the Singapore-based security vendor, 67 people have so far fallen prey to the online fraudsters who made about $1.7million till date.

All these cyber crooks do is stream live or recorded videos on YouTube on how to double up digital currency investments within a couple of weeks.

The videos include deep fake videos of celebrities such as the latest Twitter owner Elon Musk or Microsoft CEO Satya Nadella promoting the channel as genuine and reliable to make quick bucks. And the hackers are seen urging the victims to connect to seed phrases that help connect the currency wallets with their servers in order to make transactions super-easy.

In reality, the celebrities are not linked to the channel or its owner or are really supporting the mischief.

But Cyber Crooks are using technology and using software to use Internationally Renowned faces to promote their online frauds.

Big names such as The Rock, Kim Kardashian and sisters, Jennifer Lopez, Tennis Superstars Serena and Venus Williams, Prince Harry, Prince William, Michael Obama are some faces being used by the fraudsters to dupe YouTube Channel viewers.

 

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Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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