A recent report from CTM360, a cybersecurity firm, has brought to light an extensive network of fake news websites designed to perpetrate online investment fraud across 50 countries. These sites, dubbed Baiting News Sites (BNS), emulate legitimate news outlets like CNN, BBC, and CNBC, creating an illusion of credibility to lure unsuspecting users into fraudulent schemes.
The BNS pages are carefully crafted to publish convincing fake stories featuring public figures and financial institutions, claiming to offer innovative ways to earn passive income. These deceptive articles often guide readers toward professionally designed scam platforms such as Trap10, Solara Vynex, and Eclipse Earn. According to the report, these fraudulent pages utilize sponsored ads on popular platforms like Google and Meta to attract traffic, employing sensational clickbait headlines to tempt potential victims.
CTM360’s investigation uncovered over 17,000 of these fraudulent websites, many of which are hosted on inexpensive domain extensions such as .xyz, .click, and .shop. Some scammers even compromise legitimate websites to host their content, complicating takedown efforts. Customized per region, these sites use local languages and recognizable logos to enhance their authenticity, appealing particularly to those searching for financial solutions.
Victims often encounter these scams while seeking online investment options or passive income opportunities. After clicking on tailored sponsored ads, potential targets are directed to a fake platform where they are prompted to register their personal information. Follow-up calls from purported ‘investment agents’ convince them to make initial deposits, usually around $240, to access non-existent profits. This layered approach not only exploits victims’ trust but also facilitates the collection of sensitive data, posing a significant threat in the realms of phishing and identity theft.
CTM360’s Scam Navigator tool provides a detailed analysis of the fake news article creation process, revealing how these scams operate from initial setup to monetization. As the situation evolves, CTM360 continues to monitor and report on these fraudulent activities, offering support in threat intelligence and risk management to safeguard organizations and individuals from these malicious schemes. For more information, read the full report here.