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A sophisticated scam-as-a-service operation dubbed Classiscam has now infiltrated into Singapore, more than 1.5 years after expanding to Europe.

“Scammers posing as legitimate buyers approach sellers with the request to purchase goods from their listings and the ultimate aim of stealing payment data,” Group-IB said in a report shared with The Hacker News.

The cybersecurity firm called the operators a “well-coordinated and technologically advanced scammer criminal network.”

Classiscam refers to a Russia-based cybercrime operation that was first recorded in summer 2019 but only came under spotlight a year later coinciding with a surge in activity owing to an increase in online shopping in the aftermath of COVID-19 outbreak.

Called the most widely used fraud scheme during the pandemic, Classiscam targets people who use marketplaces and services relating to property rentals, hotel bookings, online bank transfers, online retail, ride-sharing, and package deliveries.

images from Hacker News