Google Ads is being used to promote scam crypto websites, putting users at risk of phishing attacks. According to a report, Scammers have created a fake version of Whales Market, an over-the-counter (OTC) crypto platform, and advertised it through sponsored ads on Google search results.
The compromised website appears as a sponsored ad on Google search results, luring users in. Though it first appears with a legitimate-looking domain address, it ultimately redirects users to a fraudulent site: [www.whaels.market] instead of the authentic [www.whales.market].
The fake Whales Market website mimics the real one, tricking users into connecting their digital wallets. Once connected, malicious scripts are triggered, draining victims’ crypto holdings from their wallets.
In November 2021, Check Point Research discovered a cryptocurrency scam involving hundreds of thousands of dollars stolen through fraudulent Google Ads. These ads, which imitate well-known wallets like Phantom App, MetaMask, and Pancake Swap, direct users to fake sites that look just like real wallet sites.
Unsuspecting users entering their wallet passwords were directly exposed to theft. This incident highlights ongoing issues with scammers using Google’s platform to execute such schemes despite Google’s efforts to combat cryptocurrency fraud.
Earlier this month, the company filed a lawsuit against two individuals from China for utilizing the Google Play store to deceive people into fake crypto investments. Google revealed that it had deactivated 87 fraudulent apps associated with the individuals over the past four years, collectively garnering nearly 100,000 downloads worldwide.
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