Since its launch in 2019, the Classiscam scam-as-a-service program has brought the criminals USD 64.5 million in illicit profits.
In a recent report, Group-IB stated that “Classiscam campaigns initially started out on classified sites, where scammers placed fake advertisements and used social engineering techniques to persuade users to pay for goods by transferring money to bank cards.”
Since then, Classiscam campaigns have evolved into highly automated operations that can now be carried out on a variety of other platforms, including online stores and carpooling websites.
European countries account for the majority of victims (62.2%), followed by the Middle East and Africa (18.2%) and Asia-Pacific (13%). The countries with the highest number of fraudulent transactions reported in Classiscam chats were Germany, Poland, Spain, Italy, and Romania.
Read More: Classiscam Scam-as-a-Service Raked $64.5 Million During the COVID-19 Pandemic
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