Crypto Vishing Fraudsters Earning Over $20K a Month on Underground Market

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The underground market for professional voice impersonators, or “callers,” is in high demand, according to a report by GK8 by Galaxy, with some criminal networks offering over $20,000 per month for operatives targeting senior crypto executives.

AI-driven technologies like deepfakes, translation software, and voice changers are making it easier for cybercriminals to launch highly targeted voice phishing, or “vishing,” attacks against high-net worth executives in the cryptocurrency industry. Similar generative AI is known to have been used to facilitate an increase in crypto heists and fraudulent job infiltration traced to North Korea, designed to evade sanctions.

GK8 by Galaxy found advertisements for “callers” had been posted on restricted forums, listing high-net worth targets in the crypto industry, including CTOs, financial officers, and senior legal officers.

Criminals can use deepfakes and caller ID spoofing to fraudulently present themselves as calling on behalf of trusted institutions, like banks and government agencies, while exploiting compromised datasets to access personal information.

Posts on restricted forums are reported to be recruiting experienced callers from specific backgrounds, with accent, language, and time zone preferences. Compensation is reported to range from $15 for a 20-minute call to more than $20,000 a month.

As AI makes it harder to distinguish between genuine and fraudulent communications, it is becoming even more important for organizations to make sure they have robust security protocols in place. Failure to do so could increase the risk of significant financial losses and reputational damage.