A credit/debit card stealing scheme which was initially discovered back in 2020 has started gaining momentum again in Singapore.

Moreover, now that one time passwords exist which can link directly to a person’s account, a lot of scammers have aimed to divert funds from innocent citizens account to their own account.

This is how their scam operation normally takes place; The scammers reach out to the seller of a particular item online via their website and state their interest to buy the item. When this happens, the URL of the phishing site is sent out to them.

If the seller falls for the URL and clicks on it, their website will look very similar to their ecommerce platform which will them state that the payments for purchasing the item has been processed successfully.

The seller is is then required to provide their full card details to receive the amount owed to them for selling their item, including their name, card number, expiration date, and the CVV code.

Then next, the seller is given a doctored one-time password page, which is when the scammer can then use that through a reverse proxy on the actual bank portal.

This act is known as Classicscam. The scammers who operate do so through an entirely automated process.

Classicscam is spread through Telegram channels so before you click on that random link on telegram, make sure its not a link sent by a scammer. Currently, there’s said to be around 90 active rooms of classicscam on telegram at the moment. Since it launched back in 2019, the scam process has been responsible for over $29 million in damages.

It is not like other conventional scams and it much more difficult to tackle. This is because it is completely automated and so can easily be widely shared. Scammers can decide to keep creating a very long list of links which they can keep sharing to people on a consistent basis.

As an online business owner, It is very important that you are on the lookout for these links, if you mistakenly fall a victim to this new scam process, it can result in major losses for your business which can be difficult to get up from.

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