Proofpoint Warns of VidSpam: A New Video-Based Bitcoin Scam Targeting Mobile Users

Image-based Bitcoin scams have been a rising concern in the mobile space; however, Proofpoint reveals the emergence of a new trend: video-based abuse (VidSpam).

Mobile users beware: A new type of scam is emerging that uses short videos to trick people into parting with their cryptocurrency.

Proofpoint researchers have identified a new trend in mobile scams, where fraudsters are using small video file attachments to enhance their deception techniques. These attachments are often low-quality, motionless videos that feature an image for a few seconds before ending.

The videos are used to increase the apparent credibility of the message, which typically includes a URL leading to a link redirection service. This service then directs the target to a webpage controlled by the malicious actor. From there, the malicious actor will use pressuring tactics and cryptocurrency investment opportunities to complete the scam.

This type of scam is particularly dangerous because it can easily bypass traditional SMS filtering techniques, which are typically designed to block suspicious links or attachments. Additionally, the use of videos makes the scam appear more legitimate, which can increase the likelihood of targets falling for it.

According to the Proofpoint report, mobile devices are an effective target for scams due to their consistent availability, easy usability, and personal nature. With many individuals owning and frequently using at least one mobile device, the target pool for malicious actors is extensive.

The report suggests that MMS abuse is projected to grow, leveraging increasingly deceptive multimedia.