In a chilling development, cybercriminals have devised a new and sophisticated scam to access your bank account—without needing your One-Time Password (OTP). This alarming method, known as the Call Merging Scam, is just one of many tactics hackers are using to steal your hard-earned money. Here’s what you need to know to protect yourself.
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### 🔍 The Call Merging Scam: How It Works
Scammers are now posing as friends, family members, or acquaintances to trick you into merging a call. Here’s how it unfolds:
1. The Setup: A fraudster calls you, pretending to be someone you know. They claim they need to include a third person on the call and ask you to merge the calls.
2. The Trap: Unknowingly, you merge the call, which connects you to a legitimate OTP verification call from your bank.
3. The Theft: The scammer uses the OTP to authorize unauthorized transactions, draining your account before you even realize what’s happening.
This scam preys on trust and the assumption that call merging is harmless. However, it’s a dangerous gateway for cybercriminals to bypass security measures.
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### ⚠ Other Scams to Watch Out For ⚠
The Call Merging Scam is just one of many tactics hackers are using to steal your money and personal information. Here are other common scams to be aware of:
1. 🔸 Phishing Links: Fraudsters send fake links via email or SMS, leading to malware attacks or data breaches. Always verify the sender before clicking.
2. 🔸 Call Forwarding: Scammers can redirect calls to intercept OTPs and confidential details. Be cautious of unsolicited requests to enable call forwarding.
3. 🔸 Voicemail Scams: Hackers pose as banks or authorities, leaving voicemails to manipulate you into sharing personal information.
4. 🔸 QR Code Fraud: Malicious QR codes can enable unauthorized fund transfers. Only scan codes from trusted sources.
5. 🔸 Screen Sharing Scams: Scammers use screen-sharing apps to gain control over your device and monitor your banking transactions.
6. 🔸 APK and RAT Malware: Sophisticated Android Application Package (APK) files and Remote Access Trojans (RATs) can give hackers remote control over your device, allowing them to steal sensitive data.
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### 💡 How to Protect Yourself
With cybercriminals becoming increasingly sophisticated, it’s crucial to stay vigilant. Here are some tips to safeguard your finances:
- ✅ Never Merge Calls with Unknown Numbers: If someone asks you to merge a call, verify their identity first.
- ✅ Avoid Clicking Suspicious Links: Always double-check the sender’s authenticity before clicking on any links.
- ✅ Enable Two-Factor Authentication (2FA): Use additional security layers beyond OTPs to protect your accounts.
- ✅ Monitor Your Accounts Regularly: Keep an eye on your bank statements for any unauthorized transactions.
- ✅ Install Reliable Security Software: Use trusted antivirus and anti-malware programs to protect your devices.
- ✅ Educate Yourself and Others: Share information about these scams with friends and family to help them stay safe.
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### 🔥 Stay Alert, Stay Safe
Cybercriminals are constantly evolving their tactics, making it more important than ever to stay informed and cautious. By understanding these scams and taking proactive steps to protect yourself, you can reduce the risk of falling victim to these malicious schemes.
Have you encountered any of these scams? Share your experiences and tips in the comments below to help others stay safe!
#OnlineSafety #StaySafe #CyberCrime #TraderProfile #BinanceLaunchpoolRED
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Former Payroll Manager Misused Company Funds
Ho Kai Xin, a former outsourcing payroll manager, has been sentenced to nine years and 11 months in prison for embezzling $4.2 million from cryptocurrency exchange Bybit.
According to Strait Times, the 32-year-old woman pleaded guilty to five counts of fraud, eight counts of benefiting from criminal proceeds, and one count of providing false information to a public officer. During her trial, 30 additional charges were considered before the final verdict.
The court found that Ho used the stolen funds to finance a luxurious lifestyle. Between June 2022, she illegally withdrew SGD 5.7 million ($4.2 million) from Bybit Fintech.
📉 The embezzlement was carried out by manipulating Microsoft Excel spreadsheets while processing payroll for over 900 Bybit employees between October 2021 and October 2022.
Ho Kai Xin Previously Jailed for Violating Court Order
In addition to her primary sentence, Ho had already been sentenced to six weeks in prison for ignoring a court order and continuing to spend stolen funds.
🔹 Despite a civil court ruling that prohibited her from using the funds, she spent SGD 840,000 ($627,633) on luxury goods and a penthouse.
🔹 Her longer prison term will begin only after she completes these six weeks.
How Ho Stole $4.2 Million from Bybit
According to Deputy Public Prosecutor Jeremy Bin, Ho used the stolen funds to buy luxury items, including sunglasses, handbags, shoes, shirts, and jewelry from Louis Vuitton.
She also placed a down payment of SGD 750,000 ($560,388) on a penthouse worth over SGD 3.7 million ($2.7 million).
📉 Her first theft occurred in May 2022, when she stole SGD 117,000 ($87,417) from Wechain, a company handling payroll processing for Bybit employees.
Ho manipulated Excel spreadsheets to redirect funds from company accounts to her personal bank accounts.
🗣 "When she realized her fraud went undetected, she became emboldened and escalated her scheme to siphon funds from Bybit," prosecutor Bin stated.
A Sophisticated Scheme of Theft and Money Laundering
Ho operated six bank accounts and four cryptocurrency wallets on different platforms.
🔹 She altered payment records in Excel to ensure that payroll payments were sent to her crypto wallets instead of Bybit employees' wallets.
🔹 Between May and August 2022, Bybit processed eight crypto transfers totaling over 4.2 million USDT to her wallets.
🔹 She then converted the stolen crypto funds into fiat currency and used complex transfers to launder the money.
📉 Her crimes were exposed in September 2022, when Wechain’s CFO noticed unusually large crypto transactions.
🛑 An internal investigation uncovered discrepancies, leading Wechain to report Ho to the police in February 2023. She was arrested two months later.
The Consequences and Long Road to Conviction
Ho Kai Xin managed to conceal her fraudulent activities for several months, but her extravagant spending and suspicious transactions eventually raised red flags.
⚖ In April 2023, she was formally charged, and after more than a year of legal proceedings, she has now been sentenced to nearly 10 years in prison.
🔹 Bybit is currently working to recover the stolen funds, but a portion remains untraceable due to money laundering techniques.
🔹 This case serves as a stark warning for crypto companies about the security risks involved in internal fund management.

#CryptoScamAlert , #CryptoFraud , #Singapore , #blockchain , #cybercrime

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Ransomware Attacks Surge, but Payouts Decline
Despite a significant rise in ransomware attacks in 2024, the total ransom payments from victims dropped by 35%, as more companies and individuals refused to comply with hackers' demands.
According to the Chainalysis Cybercrime Report, ransomware generated less revenue compared to the previous year, even though hacker activity intensified.
Declining Payouts Despite Increasing Attacks
🔹 Total ransomware payments in 2024 reached $813 million, down from a record $1.25 billion in 2023.
🔹 The first half of the year saw a 2.3% increase in successful extortion attempts.
🔹 The Dark Angels Group alone collected $75 million.
🔹 However, in the second half of the year, law enforcement efforts significantly disrupted ransomware operations.
Law Enforcement Crackdowns Disrupt Cybercrime Operations
🔹 Enhanced investigative techniques, sanctions, and asset seizures severely impacted cybercriminal networks.
🔹 The shutdown of the Russian crypto exchange Cryptex and Germany's crackdown on 47 Russian platforms weakened ransomware-related money laundering.
According to Jacqueline Burns Koven, Head of Cyber Threat Intelligence at Chainalysis, criminals became more cautious when moving funds through centralized exchanges (CEX). However, non-KYC platforms remain the preferred method for converting stolen crypto into fiat.

Ransomware Victims Increasingly Refuse to Pay
🔹 Less than 50% of ransomware attacks resulted in payouts.
🔹 Those who did comply paid up to $250,000 in ransom on average.
🔹 With improved tracking tools and stronger investigations, more victims chose not to pay, despite the growing frequency of attacks.
Cybercriminals Adapt to Heightened Security Measures
🔹 Hackers are evolving, developing new tactics to bypass security defenses and pressure victims into paying.
🔹 New ransomware variants are emerging, often derived from leaked, rebranded, or purchased code.
🔹 Attacks are now executed faster, with ransom negotiations starting within hours of data exfiltration.
Ransomware operations now range from state-sponsored hackers to ransomware-as-a-service (RaaS) groups and independent cybercriminals. One of the most notable recent cases was the data theft from cloud service provider Snowflake.
While ransomware tactics continue to evolve, enhanced cybersecurity efforts and law enforcement actions are making it harder for cybercriminals to profit. 🚨

#CyberSecurity , #hacking , #cryptohacks , #cybercrime , #CryptoNewss

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,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

Seized Notebooks Revealed Sophisticated Scams
Hong Kong police uncovered a sophisticated fraud scheme that used artificial intelligence to deceive victims. The investigation led to the seizure of over HK$34 million (approximately USD 3.37 million). Notebooks confiscated by law enforcement revealed the criminals' methods, including the use of deepfake technology to appear more convincing.
How the Fraudsters Lured Their Victims
The fraudsters pretended to be wealthy single women, crafting stories about interests such as learning Japanese, playing golf, or tasting luxury wines worth over HK$100,000 (USD 12,850) per bottle. These methods were documented in the notebooks seized during the operation.
The investigation resulted in the arrest of 31 individuals connected to a criminal syndicate. This group used artificial intelligence to create realistic images of attractive women, which were then used to lure victims into romantic and investment scams.
The Problem of Deepfake Scams
Byron Boston, a former police officer and CEO of Crypto Track, warned that the combination of deepfake technology and social engineering presents significant challenges for investigators and law enforcement. AI-generated images make criminals more convincing and enable them to execute more complex scams.
Boston highlighted an incident from November 2022, where a fake video impersonating FTX founder Sam Bankman-Fried was used in a phishing attack targeting FTX users. This incident demonstrates how deepfake technologies can be exploited to steal cryptocurrency assets from victims.
Scams Targeting Young People
Confiscated materials revealed that the fraudsters specifically targeted young people seeking quick earnings. Victims were often convinced they were communicating with ideal women from Taiwan, Singapore, and Malaysia.
Challenges in Combating These Crimes
Boston emphasized that effective collaboration and swift action are key to fighting these sophisticated scams. However, he noted that many local law enforcement agencies, particularly in the U.S., lack the necessary tools and expertise to track stolen cryptocurrency or cooperate with international exchanges.
Criminals leveraging technologies like deepfake and social engineering remain a significant challenge for security forces worldwide.

#Deepfake , #CryptoFraud , #CryptoScams , #cybercrime , #CryptoNewss

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Incident in Phuket: Crypto Debt Leads to Violent Robbery
Thai police have launched an investigation into two Russian nationals accused of assaulting and robbing their compatriot over a cryptocurrency debt. The incident occurred at a hotel in Karon, Phuket.
According to the local newspaper Khaosod, a 31-year-old man was attacked over a $120,000 debt linked to previous cryptocurrency transactions in Russia. The attackers, who were known to the victim, forced him to attempt unlocking his crypto wallet. When he refused, violence ensued.
Assault and Suspects’ Escape
One of the suspects, identified as Andrei, allegedly threatened to kill the victim if the debt was not paid. The victim was repeatedly punched, kicked, and eventually lost consciousness after being struck on the head. The attackers then stole $20,000 in cash and fled, leaving the victim tied up in the bathroom.
Investigators revealed that one suspect remained in Thailand, while the other, Dmitri, fled to Dubai. Arrest warrants have been issued, and Thai authorities are collaborating with immigration and police agencies to apprehend the suspects.
Cryptocurrencies as Targets of Violent Crime
Rising Value of Cryptocurrencies Attracts Criminals
The Phuket incident is part of a growing trend where cryptocurrencies play a role in severe criminal activities. The year 2024 saw numerous violent incidents linked to digital assets, ranging from kidnappings to extortion.
In July, a 29-year-old tourist in Kyiv was kidnapped and murdered as criminals attempted to seize his 3 bitcoins. Authorities described the event as a calculated plan that ended with the victim's death after the forced transfer of cryptocurrency failed.
Case in Costa Rica: Armed Robbery of Bitcoins
A similar case occurred in August on a beach in Costa Rica, where 11 Israeli tourists were robbed of a significant amount of bitcoins. The attackers, disguised as police officers, used firearms during the assault, raising concerns about the involvement of organized crime groups with police training.
Cryptocurrencies: Valuable Targets That Attract Danger
As cryptocurrencies grow in popularity, incidents of violence and crime associated with these digital assets are on the rise. This trend underscores the need for enhanced security measures and better protection for investors on a global scale.

#CryptoCrime , #Bitcoin❗ , #CryptoSafety , #cybercrime , #CryptoScamAlert

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Armed Kidnapping Leads to Crypto Ransom Demand
A shocking kidnapping took place in Chicago, where six men forcibly abducted a three-member family and their nanny, demanding a $15 million cryptocurrency ransom.
According to a February 12 report by the Chicago Tribune, citing an unsealed FBI affidavit, the kidnappers knocked on the family’s door under the pretense that they had accidentally damaged their garage door. Once inside, they forced their way in at gunpoint.
The abductors then forced the family into a van, taking them first to a rented Airbnb about an hour away and later transferring them to another house.
Five Days in Captivity and a Cryptocurrency Ransom
The kidnappers demanded a ransom in Bitcoin, Ethereum, and other cryptocurrencies, threatening to kill the victims if their demands were not met.
📌 The victims were held captive for five days.
📌 One of the abductees managed to contact his father via the WeChat app, informing him about the kidnapping.
📌 On November 1, the family was released and sought help at a nearby dry cleaner before taking an Uber to a hospital.
While it was reported that $15 million in cryptocurrency was transferred, U.S. authorities have only been able to recover $6 million so far.
Six Suspects Indicted for the Kidnapping
On December 13, six men were officially charged in connection with the abduction.
The only suspect arrested so far is 34-year-old Zehuan Wei, who was detained on January 17 while attempting to re-enter the U.S. from Mexico.
🔹 Other suspects: Fan Zhang, Huajing Yan, Shengnan Jiang, Shiqiang Lian, and Ye Cao.
🔹 Some of them are believed to have fled to China after Wei’s arrest.

Key Evidence Collected by U.S. Authorities
Investigators gathered crucial evidence, including:
✅ Airbnb records where the victims were held.
✅ Analysis of cryptocurrency wallets to trace the ransom transactions.
✅ Search of a white Ford van used by the kidnappers.
🔹 DNA samples were taken from a white Chrysler Pacifica, rented by Wei on October 29.
🔹 Authorities matched surveillance footage with a photo of Ye Cao, captured by U.S. Customs and Border Protection.
🔹 Driver’s licenses of other suspects were analyzed for identity verification.
📌 At least two victims were able to identify some of the alleged kidnappers from photographs.
The investigation is ongoing, with U.S. authorities working to track down the remaining suspects and recover the stolen cryptocurrency.

#CryptoNewss , #CryptoSecurity , #cybercrime , #CryptoSecurity , #CryptoScamAlert

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