In a recent study conducted by SR Labs, a German-based cyber security company, it was discovered that one Chinese criminal organization, known as ‘BogusBazaar,’ is behind more than 75,000 fraudulent online shops. These fake online shops entice customers with offers for designer clothes at incredibly low prices, only to harvest their credit card details and collect payment for fake merchandise. In total, the group processed over $50 million in orders between March 2021 and April 2024, with most of the 850,000 victims residing in the US and Europe.
The highly organized criminal group operates using a cloud computing model where a core team manages the system’s infrastructure while a network of franchisees operates the fraudulent shops. Each BogusBazaar server typically runs about 200 webshops, with some servers hosting more than 500, each associated with multiple IP addresses. Victims in France placed the most orders on these phony sites, followed by users in the US, with total orders exceeding $12.5 million.
If you suspect you’ve fallen victim to credit card fraud through these fake online shops, it’s essential to take action immediately. Notify your card provider, request a fraud alert on your credit report, report the scam to the authorities, and contact the three major credit bureaus to protect yourself from further financial damage.
As online shopping continues to rise in popularity, so do fraudulent websites and products. Stay vigilant while shopping online and be cautious of deals that seem too good to be true. Download the app now to access personalized news and safety tips on the go. Stay informed and protect yourself from falling victim to online scams.
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