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SAN FRANCISCO (KGO) -- A new cryptocurrency scam circulating the Bay Area is haunting victims with a new threat - taking control of their mobile device. And the victims may not even know it.
All it takes is one wrong click and your privacy could be exposed.
"It's just been a nightmare," said a Bay Area man, who lost $1.2 million dollars from the scam.
"I feel so bad for my family for what I did to them," said a Bay Area software developer, who lost her retirement -- $1.3 million.
The two are victims of a scam known as pig butchering that's targeting Asian Americans in the Bay Area.
Pig Butchering
The scam starts when a suspect meets a victim on a dating website or social media platform and builds a fake relationship - metaphorically fattening them up like a pig - with the end goal to get the victim to invest in crypto. But, unlike traditional romance scams, this fraud is much more advanced. Investigators say the scammers often research their victims aiming to prey on vulnerable people.
U.S. Secret Service Special Agent Shawn Bradstreet told the I-Team cases have tripled across California so far this year - specifically targeting victims in Silicon Valley.
"The criminal organization has definitely expanded," Bradstreet said.
The New Threat
Within the past few weeks, investigators say the scam is developing a new threat: counterfeit malicious apps that grant access to your personal information.
"They have a lot of access into your mobile device," said Bradstreet.
Investigators warn scammers will send victims a link to what appears to be a legitimate crypto trading app or platform - but upon downloading the app, scammers are getting access to their victims' device.
"The apps are very compelling... in some cases it looks just like any other app," said U.S. Secret Service Financial Analyst Andrew Frey. "A very convincing scheme here."
The ABC7 News I-Team sat down with the nation's first "Digital Asset Technology Alliance" (DATA) staffed by the U.S. Secret Service to crack down on these crimes.
The New Threat
Within the past few weeks, investigators say the scam is developing a new threat: counterfeit malicious apps that grant access to your personal information.
"They have a lot of access into your mobile device," said Bradstreet.
Investigators warn scammers will send victims a link to what appears to be a legitimate crypto trading app or platform - but upon downloading the app, scammers are getting access to their victims' device.
"The apps are very compelling... in some cases it looks just like any other app," said U.S. Secret Service Financial Analyst Andrew Frey. "A very convincing scheme here."
The ABC7 News I-Team sat down with the nation's first "Digital Asset Technology Alliance" (DATA)
staffed by the U.S. Secret Service to crack down on these crimes.
"And it can be as exact as the longitude and latitude of where you're actually located at the time," said Bradstreet.
Investigators say the suspects may also have the ability to read and write on your phone.
Stephanie Sierra: "They can read and write on the phone?"
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