Global Job Scam: Ongoing Job Fraud To Cause USD 100 Million in Losses for More Than 1,000 Companies Over 50 Countries Globally , Says Report

New Delhi, October 7: An ongoing global job scam is likely to affect more than 100,000 victims across over 50 countries globally that is set to cause collective personal losses of over $100 million to more than 1,000 companies being impersonated, cyber-security researchers have claimed. Drawing from a trove of victim complaints and reported monetary losses, the reported losses from the impersonation of a single company exceed $200,000.

Nicknamed ‘Webwyrm’, hackers in the global-scale job scam have impersonated over 1,000 companies across 10 industries for a combo task scheme akin to the ‘Blue Whale Challenge’ (from a few years ago that caused a massive global impact), according to the team from cyber-security company CloudSEK. Fake Job Offer Scam: Government Urges People To Report Online Financial Fraud As Cyber Criminals Use Google and Facebook Ads To Promote Dubious Job and Investment Schemes.

“The scale and sophistication, indicating a highly skilled and persistent Threat Actor (TA) group, necessitate urgent awareness,” the researchers said. According to them, more than 6,000 fake websites, over 600 websites sharing nearly 200 unique WhatsApp numbers and 230 Telegram handles are targeting people in more than 50 countries.

“The potential collective impact on victims, taking into account the multitude of impersonated companies and an average loss of $100,000 per company, based on reported financial losses, potentially exceeds $100 million, impacting more than 100,000 individuals,” said the report. LinkedIn Scam Alert: Fake Job Offers and Phishing Scams Are Reportedly on the Rise on the Job Portal.

This financial upheaval caused by Webwyrm not only devastates individual victims but also tarnishes the image of the impersonated companies. “As the lure of thousands of dollars under their names traps countless individuals, brand trust takes a nosedive. This becomes evident as victims in plight are inadvertently attributing legitimate companies to the orchestrators of these scams,” said the report.

Webwyrm, likely active since late 2022, has grown multifold since early 2023 with the threat actor group employing various deceptive tactics. CloudSEK said it has shared the details of the investigation with global law enforcement agencies to help implement remedial actions, including dismantling the scammer infrastructure and reporting to the impersonated organisations.

(The above story first appeared on LatestLY on Oct 07, 2023 11:12 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).