Image-based Bitcoin scams have been a rising concern in the mobile space; however, Proofpoint reveals the emergence of a new trend: video-based abuse (VidSpam).
Multimedia messages (MMS) have been commonly utilized in Bitcoin scams, featuring images of successful-looking individuals, false awards, and claims of daily profits. These scams leverage the belief that the advertised cryptocurrency market or group will earn a user large profits, but in reality, targets are pressured into parting with their money.
In VidSpam tactics, malicious actors enhance deception techniques with small video file attachments. These attachments are often low-quality, motionless videos featuring an image for a few seconds before ending, and it is used to increase the apparent credibility of the message. Included in the message is often a URL leading to a link redirection service, directing the target to a webpage controlled by the malicious actor. From there, the malicious actor will utilize pressuring tactics and cryptocurrency investment opportunities to complete the scam efforts.
According to the report, mobile devices are an effective target due to their consistent availability, easy usability, and personal nature. With many individuals owning and frequently using at least one mobile device, the target pool for malicious actors is extensive. The report suggests that MMS abuse is projected to grow, leveraging increasingly deceptive multimedia.