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Sophos Investigates Two Active Cyberfraud Operations Cashing in on Crypto-Romance Cons

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Sophos, a global leader in innovating and delivering cybersecurity as a service, on Monday released details of two expansive, still operational, pig butchering or sha zhu pan rings (elaborate and lengthy financial fraud scams that can cost victims thousands of dollars) that scammers are operating from Asia.

One of the rings, based in Hong Kong, involves a fake gold trading marketplace, while the other, based in Cambodia and with ties to Chinese organized crime, netted the scammers $500,000 in cryptocurrency in just one month.

In both schemes, the scammers targeted Sophos’ principal threat researcher, Sean Gallagher, directly via Twitter and text message, respectively, rather than dating apps, the traditional method used to find and target victims. Part one of a two-part series, “Fool’s Gold: Dissecting a Fake Gold Market Pig Butchering Scam,” released today, focuses on the inner workings of the ring based out of Hong Kong, which demonstrates how these scammers are upping their technical sophistication to lure in and con targets.

“For two years, we’ve been following and reporting on a subset of these pig butchering schemes called CryptoRom.

“This is a particular flavor of pig butchering that relies on romance-based lures with scammers approaching potential victims on dating apps and then asking them to invest in fraudulent crypto trading apps.

“But CryptoRom is really just the tip of the iceberg. Since the start of the pandemic, this type of cyberfraud has massively expanded.

“These scammers are now targeting people on all major social media platforms or even direct message, and they’re not limiting themselves to just exploiting crypto but also gold and other forms of currency or trading value. They’re quite literally going after the whole hog,” said Sean Gallagher, principal threat researcher, Sophos.

In the first scam Gallagher investigated, he spent three months interacting with one of the scammers after they approached him directly on Twitter.

The scammer posed as a 40-year-old woman from Hong Kong who quickly attempted to move the conversation to WhatsApp. From there, the scammer tried to convince Gallagher to invest in a fake gold trading marketplace, touting her connections with her “Uncle Martin”—supposedly a former Goldman Sachs analyst.

She then directed him to a site that copied the branding of a legitimate Japanese banking company called Mebuki Financial, where the foreign exchange and commodity trading services were to be conducted.

While the social engineering of this scam was less polished than other cases Sophos has investigated, it showed a marked increase in technical sophistication for these types of groups.

The scammers used an elaborate combination of highly effective SEO, polished scam pages to “register” new clients on their fake Mebuki website, and a pirated version of a legitimate trading app (MetaTrader 4) with additional malicious code to steal money from their victims. They are also actively updating their operation’s scam infrastructure to avoid being shut down.

“Both scam rings are still operational and will be difficult to shut down. While we marked the domains and IP addresses being used by the attackers in the Hong Kong ring as malicious, their scam operations have already shifted to new domains.

“They already have a new download infrastructure in place for their pirated version of the MetaTrader app, so, at this point, we’re essentially playing ‘whack-a-mole’.

“Unfortunately, that’s the reality as these operations become broader in scope, targeting more regions and across different platforms. The move from crypto to gold also shows how easily these groups can find a new niche to exploit.

“That means the best defense is public awareness of these types of scams. People should be wary of any SMS, dating app, or social media direct message from a stranger who strikes up a conversation and then suggests moving it to WhatsApp or Telegram—especially if they make claims about wealth obtained from crypto or other trading,” said Gallagher.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Huawei Plans Data Centre in Nigeria to Boost Local Cloud Capabilities

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Huawei Technologies, a Chinese information and communications technology (ICT) infrastructure provider, has unveiled plans to launch a significant new data centre in Nigeria, a move that is expected to bolster the country’s cloud infrastructure and support its growing digital economy.

Huawei Plans Data Centre in Nigeria to Boost Local Cloud Capabilities

Server racks in server room data center

This announcement was made by David Olaiya, head of Cloud Fintech Business Development for Huawei Nigeria, during Nigeria Fintech Week, in Lagos.

The new data centre is expected to strengthen Nigeria’s position as a hub for tech innovation in West Africa.

Scheduled to become fully operational by October 31, 2024, the facility, called ‘Cloud Site’ is designed to provide comprehensive data storage and computing services.

By keeping data within Nigeria’s borders, this initiative aims to align with the country’s data protection policies, which mandate that all user data be stored locally.

This is especially critical for sectors like finance and telecommunications, where data security is paramount.

Many Nigerian businesses, particularly those that have relied on international cloud services, often face compliance challenges when it comes to storing and processing sensitive user data.

These companies have had to send their data across borders, raising concerns about data security and regulatory adherence.

The launch of Huawei’s data centre aims to directly address these issues by allowing businesses to manage their data domestically, ensuring compliance with the Nigeria Data Protection Regulation (NDPR).

“This centre ensures data sovereignty, offering Nigerian businesses a competitive advantage by keeping sensitive information within the country,” Olaiya stated.

The launch of the data centre comes amid the growing influence of Huawei’s cloud services among Nigerian banks. Reports have emerged that major Nigerian banks including UBA Zenith Bank, Opay, First Bank and others are opting for Huawei’s cloud storage solutions, positioning it as a strong competitor to IBM, which has been a longtime leader in banking technology in Nigeria. The shift by these banks reflects the rising trust in Huawei’s cloud capabilities and its growing influence within the financial sector.

Olaiya also emphasized that the new centre will offer more than just local data storage. It is expected to significantly reduce latency, providing faster access to cloud services, which is crucial for real-time operations such as digital payments and mobile banking.

In addition to data compliance, he noted that the centre will be backed by local technical expertise, which will be key in providing timely support to Nigerian enterprises. Huawei plans to have a dedicated team on the ground, alongside its global 24/7 support infrastructure. This combination of local and global resources promises to deliver seamless service, enabling companies to troubleshoot issues more efficiently and reduce the risks associated with downtime or technical failures.

While this is a milestone for Huawei, Nigeria already hosts data centres from global tech giants such as Amazon Web Services (AWS) and Microsoft Azure.

However, Huawei’s entry into the local cloud landscape is poised to bring additional benefits.

The ‘Cloud Site’ will be part of Huawei’s extensive global network, which spans 93 availability zones in 33 regions around the world, including existing data centres in South Africa and Egypt.

The Nigerian data centre will be linked to Huawei’s other key locations, including facilities in Johannesburg, South Africa, and Dublin, Ireland.

This global integration is expected to not only serve as a critical resource for established businesses in Nigeria, but also to support Africa’s digital transformation in broader terms, creating new opportunities for startups, especially in sectors like fintech, e-commerce, and artificial intelligence (AI), where local data processing can drive innovation.

In a related initiative, Huawei Cloud announced in April 2024 its plan to support 100 Nigerian startups over the next two years.

This commitment includes providing these startups with cloud resources and technical assistance to help them scale their operations and bring new products to market.

Meanwhile, the Nigerian government has also demonstrated its commitment to data infrastructure, with plans to inaugurate a national data centre by May 2024.

This facility, which will have a storage capacity of 1.4 petabytes, is intended to securely store critical national data, including biometric information of Nigerian citizens.

Overall, Huawei’s entry into Nigeria’s data centre market is set to complement these efforts, further establishing the country as a regional leader in cloud computing and data services.

 

 

 


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NCC to Introduce Revised Governance Code for Sustainable Telecom Practices

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Nigerian Communications Commission (NCC) is preparing to issue a revised corporate governance code, updating the 2016 version with a key focus on the introduction of mandatory sustainability reporting for telecom operators, according to Dr. Aminu Maida, executive vice chairman of the commission.

NCC to Introduce Revised Governance Code for Sustainable Telecom Practices

Maida said that the initiative is aimed at aligning the sector with global environmental, social, and governance (ESG) standards, promoting greater transparency and supporting sustainable development within Nigeria’s telecommunications landscape.

He, disclosed this during his address at the 2024 Annual Corporate Governance Conference in Lagos, State, themed “Corporate Survival and Sustainability: The New Face of Governance.”

The sustainability reporting involves organisations disclosing information about their ESG performance.

This practice provides stakeholders—including investors, customers, and regulators—with insights into how telecom operators manage risks and opportunities related to sustainability. Key components include reporting on carbon emissions, resource usage, labour practices, community engagement, and data privacy.

Maida emphasized the importance of sustainability in corporate governance, highlighting that “such practices are no longer optional but essential for the long-term success of telecom companies.”

He presented findings from a comprehensive NCC analysis evaluating corporate governance among telecom operators. Key indicators examined included board composition, diversity, effectiveness, ethical conduct, compliance, risk management, and corporate social responsibility.

The analysis revealed a strong correlation between effective governance and regulatory compliance, with companies not excelling in governance facing poor financial performance.


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Samsung Unveils New Galaxy A06 dubbed ‘Galaxy Wey Sabi’ Nigeria – Nigeria

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Samsung Electronics has officially unveiled the latest addition to the popular Galaxy A series smartphones – the Samsung Galaxy A06.

From left to right: Stephen Okwara, product manager, Mobile Experience West Africa; Oge Maduagu, head of Marketing West Africa; Joy Tim-Ayoola, group head, Mobile experience West Africa, and Nathan Lee, business manager, Mobile experience, all of Samsung West Africa, during the unveiling of Galaxy A06 at Ikeja City Mall, Lagos

Joining a fan favorite series and combining powerful performance with a sleek design, the Galaxy A06 offers customers and loyal A series fans unique features and premium experience at an affordable price.

The stylish Galaxy A06 is set to redefine what users expect from entry-level smartphones, offering cutting-edge technology without compromise.

Aptly, tagged “Galaxy Wey Sabi”, the Galaxy A06 stands out in the competitive category as it aims to resolve the customers’ needs in a smartphone with focus on durability, functionality, security, camera, and entertainment.

Users can enjoy capturing high-resolution photos with the 50MP rear camera, now equipped with Nightography for capturing the essence of every detail especially in low-light conditions. The 8MP front and 2MP (depth) cameras also provide crystal-clear selfies with advanced beautification features.

Spotting a slimmer design and comfortable grip, as well as a side fingerprint scanner, the new Galaxy A06 features a stunning 6.7” HD+ display, providing vivid colors and crisp clarity for an immersive viewing experience that delivers seamless visuals on the infinity-U display with enhanced brightness, especially for outdoor visibility.

Galaxy A06 – Galaxy Wey Sabi is truly a device, which understands your needs, equipped with a 5000mAh long-lasting battery, you can enjoy more device usage without worrying about battery life. The 25W Super-Fast Charging feature ensures up to 50% battery charge in just 30mins, meaning you are back in action quickly.

“The Samsung assurance is a promise, a trustworthy reliability in our Knox Security on this device, which protects your personal information by isolating your passwords and other private data within a secure environment,” said Stephen Okwara, Head Product Management, Samsung Electronics West Africa. “What also awesome about this is our promise of continuous OS upgrades and up to 4 years security update on this device. Isn’t that impressive from a brand that understands the needs of its customers?”

Also speaking at the Galaxy A06 launch event in Lagos, Oge Maduagwu, Head of Marketing, Samsung Electronics West Africa said: “We are excited to introduce the Galaxy A06, which brings together powerful performance, an advanced camera, and long-lasting battery life, all in a stylish and affordable package,” She added: “Also customers can enjoy premium support for their device with a screen damage insurance cover of just N9000.

Available in four stunning colors – Black, Blue Green, Lime and Silver – The Samsung Galaxy A06 will be available in Nigeria at all authorized Samsung Stores from 11th October 2024, with pricing starting at N146,000.


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