Cyber security firm CloudSEK has informed watchdog CERT-In, banking regulator RBI and other agencies about an app that is being used allegedly by China-based entities to operate online financial scams by engaging fraudsters based out of India.
The app is distributed through websites posing as legitimate businesses under the guise
of "Money Transfer Business",
the report titled "ShadowBankinginYour Pocket" said.
In October 2023, CloudSEK
published a report on a critical
loophole within India's banking
infrastructure. The firm had
found that the loophole was actively exploited by Chinese cybercriminals to orchestrate a largescale money laundering scheme
targeting Indian citizens.
"CloudSEK's Threat Intelligence (TT) team continued its investigation and has uncovered a
network of money mules, posing
a significant risk to the Indian
banking ecosystem. This report
focuses on a malicious mobile application (APK) identified as a
key tool for onboarding and managing these money mules," the report said. CloudSEK describes
money mule as an individual enlisted to receive and transfer
funds acquired through fraudulent activities.
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