Fake News Sites Mimic CNN, BBC to Scam Investors Worldwide
Cybersecurity firm CTM360 has uncovered a vast network of over 17,000 fake news sites mimicking legitimate outlets like CNN, the BBC, and CNBC. These sites, known as 'baiting news sites', are used to promote investment fraud at scale, targeting users across 50 countries.
The scammers exploit free or low-cost top-level domains to create convincing replicas of trusted news sites. They lure victims through sponsored ads on platforms like Google and Meta, directing them to registration forms for fake trading services. Once registered, victims are contacted by 'investment experts' who encourage further deposits.
The fraudulent sites publish fake news stories linking public figures and financial institutions to fabricated investment schemes. The trading platforms shown are fake, displaying fabricated account dashboards and profits to deceive victims. Some scams also use withdrawal traps, asking victims to complete additional verifications or pay unlock fees before releasing funds.
The Middle East was the hardest hit region, with over 10,000 identified baiting news sites. However, specific countries and affected areas were not provided in the report.
CTM360's discovery highlights the growing threat of investment fraud facilitated by fake news sites. Users are urged to be cautious of sponsored ads and verify the authenticity of news sites before engaging with them. Law enforcement and cybersecurity firms continue to work together to combat this issue.
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