Emerging multimedia Bitcoin scams use deceptive MMS videos

A new study by researchers at Proofpoint has revealed an emerging trend in Bitcoin scams through the use of multimedia messages (MMS) with video attachments, marking an advancement from the previously more common static images used by scammers.

The study highlights a significant development where scammers are now adopting small video file attachments in their deceptive MMS campaigns. These video messages, some as small as 14KB in a .3gp format, are part of a strategy aimed at convincing victims to interact with links leading them to scams, primarily Bitcoin-related.

Adam McNeil, a researcher involved in the study, said: "Attackers are now leveraging video attachments in multimedia messages (MMS) in mobile to promote Bitcoin scams, marking an evolution from static images." The scammers make use of these videos to lure recipients into joining WhatsApp groups, where the deception continues with high-pressure tactics to extract monetary or personal information.

Rachel Kinoshita, a co-researcher, elaborated on the tactic: "Recipients are lured to WhatsApp groups, where scammers use high-pressure tactics to extract money or personal information. MMS abuse is expected to grow with increasingly deceptive multimedia content to target unsuspecting individuals." This indicates a shift in the approach of scammers, enhancing preliminary interactions with a layer of multimedia authenticity.

Previously, Bitcoin scams involved sending MMS images depicting successful-looking individuals, fake awards, and promises of impressive financial gains.

The introduction of video components is a new adaptation noticed by Proofpoint researchers.

Adam McNeil explains that the scammers' intent is purely financial: "Bitcoin scams via MMS images have become commonplace in unwanted message reports. These scams often feature images of successful-looking individuals, fake awards, and promises of extraordinary daily profits. Their sole goal: to convince recipients to part with their hard-earned money." The persistence and evolution of these scams sadly often leave victims financially depleted.

One characteristic of this new tactic involves the utilisation of .3gp files, a video file format designed for small file sizes and efficient streaming on mobile devices.

These files are notably small at around 14.1KB, allowing them to bypass some traditional forms of message filtering that typically target text and images.

In mid-December, an instance of such a message was flagged by Proofpoint as unwanted, containing a short, static video and a URL redirecting to an attacker-controlled site. This sophistication acts to bolster credibility in initial interactions.

The endpoint of these interactions is usually WhatsApp, where targeted individuals are further manipulated through investment discussions. Scammers apply pressure and promote false crypto-related investment opportunities within these forums.

This move to video and multimedia in scams corresponds to broader technological trends, as articulated by researchers citing the Price Waterhouse Cooper study. Advancements in Artificial Intelligence allow fraud content to be more swiftly generated and harder to detect, increasing the challenge for defenders and potential victims.

Lillian Reed, an Account Executive involved in addressing mobile abuse, noted: "As scammers refine their tactics, defenders and consumers must remain vigilant and adapt to emerging attack chains."

"While video-based abuse may not signal a new era of deception, it represents an evolution in the tools attackers use to exploit victims." The implication is a call for increased alertness from mobile users against unsolicited messages.

The research underscores the broader challenge posed by mobile messaging abuse, which, according to FBI reports, is a lucrative endeavour for scammers, resulting in billions lost annually to fraudulent schemes.

The dynamic nature of these adaptations underscores the need for an ongoing, collective effort within the tech industry to mitigate these threats and for consumers to exercise caution, especially regarding unexpected messages promising unrealistic financial rewards.

Reporting suspicious messages can aid efforts to curb this developing trend.