Infoblox Threat Intel’s report reveals that Australian victims of cryptocurrency job scams lost USD $9.3 billion. Undercover investigation on Telegram indicates sophisticated scam techniques using real company branding. Researchers noted the use of both AI and human messaging, highlighting the lucrative nature of these operations amid rising scam incidents.
A recent report from Infoblox Threat Intel has uncovered that cryptocurrency job scams in Australia have resulted in staggering losses for victims—about USD $9.3 billion. The investigation, named “Telegram Tango: Dancing with a Scammer,” highlights how these scams are becoming increasingly sophisticated, necessitating a closer examination of the tactics criminals are now employing.
The investigation showcases a researcher’s experience interacting with a scam operation on Telegram, where an individual named Arabella offered a remote job requiring no prior experience. Intriguingly, Arabella’s communication featured branding from a legitimate firm called “Corner Office Consultants” and included a link to their real domain. However, Arabella was not affiliated with the actual company, confirming their role as a scammer.
Over a series of days, the researcher communicated with various Telegram accounts, each pushing seemingly pointless online tasks. A common tactic employed was the insistence on avoiding initial cryptocurrency payments, supposedly required to secure their remote employment. The researcher soon connected with a second scammer, Maria, who provided phony job details under the guise of another legitimate entity—Marble Media. The scammers cleverly crafted a misleading website to trick potential victims into believing they were engaging with a real business.
As the investigation continued, it emerged that the tasks given to the researcher were dull, comprising repetitive actions like clicking “Starting” and “Submit.” Eventually, a request for funds was made, posing as a necessary step to progress in the job role. Throughout their exchanges, there appeared to be a blend of automated responses and human interaction, leading to speculation that the scammers were utilising both AI and live operators.
The researcher noted a mix of instant, long responses and quicker, brief replies, raising questions about the scam’s operational methods. “The interactions contained both AI-generated and human responses. However, it remains uncertain if there is a transition process to switch between automated and actual human responses,” the research detailed.
In a twist of fate, the researcher managed to trick the scammers and withdraw a small sum, provoking the end of their communication. This moment served as both an enlightening experience about scam mechanisms and a small triumph over the deceptive operation.
The broader implications of this investigation echoed the financial lure of cryptocurrency-related job scams, with estimates suggesting that victims lost around USD $9.3 billion to such schemes in 2024 alone. “Scams represent a thriving billion-dollar industry, escalating in their sophistication and strategy aimed at taking advantage of individuals,” the report emphasized, underlining the necessity for a deeper understanding of these criminal operations.
Infoblox Threat Intel indicated that this research contributes to an ongoing series of investigations focussing on scams perpetrated by various organised groups across the globe.
