Bengaluru: Cybercriminals are increasingly moving away from random calls and generic online frauds, instead profiling high-net-worth individuals before launching targeted attacks, according to a report by Deccan Herald citing senior cybercrime investigators in Bengaluru.
Investigators said the shift in targeting strategies was first noticed around six months ago, with criminals using social media, Open Source Intelligence (OSINT) and databases obtained through legal and illegal channels to identify potential victims.
Who are cybercriminals targeting?
Among the profiles being targeted are IT and software professionals, doctors, chartered accountants, entrepreneurs, senior executives, financial traders and wealthy retirees.
Investigators said these individuals are often financially well-off and may have significant disposable income, making them attractive targets for high-value scams.
Cybercriminals reportedly use information available online to assess a potential victim’s profession, financial standing and lifestyle before approaching them.
Social media helps scammers build profiles
Criminals reportedly examine LinkedIn profiles and other social media accounts to identify job titles, corporate positions and indicators of income.
They may also monitor public posts for signs of recent high-value purchases, real estate transactions and other lifestyle patterns.
Investigators said criminals can additionally exploit breached databases available on the dark web, potentially obtaining phone numbers, email addresses and financial information to make their approaches more convincing.
High-value scams can continue for months
The profiling is reportedly being used to facilitate scams including fake stock market and cryptocurrency investments, commonly associated with ‘pig butchering’ scams, as well as digital arrest frauds, romance scams and sextortion.
A senior cybercrime officer cited in the report said some high-net-worth victims can remain under scammers’ influence for months without realising they are being defrauded.
In one case that came to light last November, a 57-year-old senior IT professional allegedly lost Rs 31.83 crore in a digital arrest scam that continued for six months.
Delayed complaints cost crucial ‘Golden Hour’
Investigators said victims sometimes delay approaching the Police because of embarrassment, social perceptions or other personal circumstances.
Such delays can cost investigators the crucial ‘Golden Hour’, when efforts to freeze stolen funds have the greatest chance of success before the money is moved through multiple accounts or transferred overseas.
Cybercrime officers have also stressed the need for private companies to strengthen data protection and prevent breaches.
The Karnataka Cyber Command, meanwhile, has reportedly been disrupting mule-account networks used to launder proceeds from cyber fraud.