May 26, 2022

One of the most tried-and-true methods for luring people into a scam is to promise victims “insider” access to financial riches that ordinary people can’t get. It’s how Wall Street financier Bernie Madoff signed up thousands of eager investors for his too-good-to-be-true Ponzi scheme. Now it’s being used by scammers who promise their victims huge gains if they just install and use “special” smartphone apps meant only for insiders.

The scam is called “CryptoRom,” and it’s been around for a few months. As described by Sophos Labs researcher Jagadeesh Chandraiah yesterday (March 16), it’s a trifecta of malice, combining romance scams, cryptocurrency scams and malicious Android and iPhone apps — the latter of which are usually very rare.

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