A large-scale phishing campaign making headlines involving over 200 scam sites that are deceiving users into providing their sensitive data to the fake investments schemes impersonating genuine brands.

Following the news, two cyber security analysts Ankit Dobhal and Aryan Singh have stated in their research that this phishing campaign has caused financial damages of up to $1,000,000, coming from tens of thousands of victims. 

The fraudulent operation was discovered by the Singaporean security firm CloudSEK, which has shared its report with media firms enunciating that this phishing campaign apparently victimized the Indian audiences through Google Ads and SEO by drawing them to hundreds of fake websites. 

The Indian government has recently launched favorable policies to uplift the growth of the country's electric vehicle sector. According to the Indian analysis reports, before the end of this decade, these new policies will bring a growth of 90% (CAGR) for the Indian EV sector, making it a $200 billion sector. The Country is already experiencing a boost in this sector, over 400 EV start-ups have already taken place while existing automotive companies are also promoting their operations in the EV sector. 

Because of the boom in this industry, the group of Cyber threat actors victimized people with an explosion of websites attempting to exploit victims with fake information. The malicious actors ensure a steady influx of potential victims by abusing Google Ads, stuffing their phony sites with keywords, and impersonating popular companies such as Revolt and Ather. 

It has been noticed in many cases that the threat actors simply copy the content, layout, style, and all images of the genuine sites and create clones. Furthermore, in other cases, the scammers make entirely fictional marketplaces using generic words like "ebike". 

When users login into the websites, the scammers instruct them to enter their full address including their names, email addresses, contact numbers, to register on the platforms. After the registration, the scammers ask them to pay the required fee to become an EV dealer or purchase a product on the site.