Telecom
Scam Alert: Sophos Research Reveals How CryptoRom iPhone Scam Rake in Over $1.4m
Sophos, a global leader in next-generation cybersecurity, has released new insight on an international cryptocurrency trading scam targeting iPhone users through popular dating apps, such as Bumble and Tinder.
A report detailing the latest findings, “CryptoRom Fake iOS Cryptocurrency Apps Hit US, European Victims For At Least $1.4 Million,”shows that the operation has escalated.
The attackers have expanded from targeting people in Asia to include people in the U.S. and Europe.
Sophos has uncovered a Bitcoin wallet controlled by the attackers that contains nearly $1.4 million in cryptocurrency, allegedly collected from victims.
Sophos researchers have code-named the threat “CryptoRom.”
“The CryptoRom scam relies heavily on social engineering at almost every stage,” said Jagadeesh Chandraiah, senior threat researcher at Sophos. “First, the attackers post convincing fake profiles on legitimate dating sites.
“Once they’ve made contact with a target, the attackers suggest continuing the conversation on a messaging platform. They then try to persuade the target to install and invest in a fake cryptocurrency trading app.
“At first, the returns look very good but if the victim asks for their money back or tries to access the funds, they are refused and the money is lost.
“ Our research shows that the attackers are making millions of dollars with this scam.”
Double Trouble
In addition to stealing money, the attackers can also gain access to victims’ iPhones, according to Sophos’ research. In this version of the attack, cybercriminals leverage “Enterprise Signature,” a system for software developers that helps organizations to pre-test new iOS applications with selected iPhone users before they submit them to the official Apple App Store for review and approval.
With the functionality of the Enterprise Signature system, attackers can target larger groups of iPhone users with their fake crypto-trading apps and gain remote management control over their devices.
This means the attackers could potentially do more than just steal cryptocurrency investments from victims. They could also, for instance, collect personal data, add and remove accounts, and install and manage apps for other malicious purposes.
“Until recently, the criminal operators mainly distributed the fake crypto apps through fake websites that resemble a trusted bank or the Apple App Store,” said Chandraiah.
“The addition of the iOS enterprise developer system introduces further risk for victims because they could be handing the attackers the rights to their device and the ability to steal their personal data.
“To avoid falling victim to these types of scams, iPhone users should only install apps from Apple’s App Store.
“The golden rule is that if something seems risky or too good to be true – such as someone you barely know telling you about some ‘great’ online investment scheme that will deliver a big profit – then sadly, it probably is.”
Sophos recommends that users install a security solution on their mobile devices, such as Intercept X for Mobile, to protect iOS and Android devices from cyberthreats.
It is also worth securing all home and personal computers with additional protection such as Sophos Home.
Further information on the fake cryptocurrency trading apps targeting iPhones as well as other mobile threats reported on by Sophos is available at SophosLabs Uncut.
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At the recently concluded NextNow Business Forum in Victoria Island, MTN Nigeria electrified the business community with a live demonstration of its forthcoming Communication Platform as a Service (CPaaS), a solution engineered to redefine how Nigerian enterprises connect with their customers.
Unlike traditional communication systems, MTN’s CPaaS is built for the realities of a mobile-first market. The platform unifies SMS, voice, WhatsApp, email, and more into a single, intuitive interface. This approach is especially significant in Nigeria, with over 107 million internet users, 45.4% of the total population, according to Data Report. This figure underscores the necessity for businesses to meet customers where they are.
During the demo, attendees witnessed how CPaaS enables two-way, real-time conversations between brands and customers. The platform’s support for rich media, instant analytics, and seamless integration with business workflows drew particular attention. These features are designed to empower businesses with data-driven insights and the agility to personalise every interaction, whether it’s a service notification, marketing campaign, or customer support exchange.
Akinbulejo Onabolu, Head of Enterprise Segment at MTN Nigeria, articulated the vision: “CPaaS gives enterprises the flexibility to interact with their customers on their preferred platforms; whether it’s chat, voice, or messaging, in a way that feels personal and immediate. We’re looking forward to the value this will unlock for businesses across industries once it launches.”
The fireside chat added depth to the conversation, with Omowunmi Olatunbosun, Head of SME Segment at MTN Nigeria, and Stephen Agbi of Bayobab, highlighting how digital engagement bridges the gap between businesses and audiences.
They emphasised that today’s consumers demand immediacy, relevance, and ease, qualities that CPaaS is built to deliver.
The stakes for digital transformation in Nigeria are high. In a report by Punch, the country’s enterprise tech market is projected to reach $22 billion by 2027, reflecting a surge in demand for scalable, cloud-based solutions that drive efficiency and customer loyalty.
The CPAAS Acceleration Alliance have estimated that globally, the CPaaS market is expected to grow from $14.7 billion in 2025 to $72.4 billion by 2035, at a compound annual growth rate of 18.4%, a testament to the platform’s transformative potential.
The event’s closing keynote from META’s Korhan Yunak reinforced the strategic value of digital channels like WhatsApp, which are now indispensable for business communication and engagement at scale.
As MTN Nigeria prepares for the Q3 2025 launch, the anticipation is unmistakable. With its promise of flexibility, intelligence, and seamless integration, MTN’s CPaaS platform is set to become the backbone of next-generation business-customer engagement in Nigeria, enabling enterprises to not just communicate but to connect, adapt, and grow in a digital-first era.
MTN Uganda is seeking input from stakeholders on a plan to structurally separate its mobile money service, MoMo, from its core telecoms business.
According to the company, the proposed change will be discussed at the upcoming extraordinary general meeting on July 2.
If approved, the telco’s fintech business will be run by a new company controlled by MTN Group Fintech Holdings B.V. and a trust benefiting minority shareholders following a merger.
Additionally, the restructuring also aligns with MTN Group’s ambition 2025 strategy which aims to unlock value, attract new investors, and strengthen regulatory compliance by creating standalone fintech entities in Uganda, Ghana, and Nigeria.
The company’s fintech division has over 13 million customers, with an 18.4% revenue increase in the first quarter of 2025, driven by 19.0% growth in mobile money services, 19.8% growth in transaction volumes, and a 31.4% increase in transaction value.
Reports say the decision is part of the telco’s compliance with the National Payment Systems Act 2020, which mandates mobile money businesses to operate as standalone entities, and to align with MTN Group’s regional fintech strategy.
MTN Uganda, which is led by CEO Sylvia Mulinge, highlighted that the implementation of the proposed transaction will be subjected to a number of conditions and regulatory procedures.
“The implementation of the proposed transaction shall be subject to a number of conditions, including the company and MTN MoMo receiving all required regulatory approvals and no-objections and complying with any regulatory conditions,” said MTN Uganda in notice.
Netflix has announced plans to invest more than €1 billion in Spanish film and television productions over the next four years, reinforcing its commitment to Spain as a key creative hub in Europe.
The announcement was made by co-chief executive Ted Sarandos at an event held at Netflix’s production studios near Madrid, celebrating the company’s 10-year presence in the country.
Sarandos emphasized that the investment would contribute significantly to Spain’s economy, create jobs, and enable the streaming platform to produce more local content. He was joined by Spanish Prime Minister Pedro Sánchez in unveiling the initiative.
Netflix first established its international production studios in Madrid in 2019, following the success of the Spanish-language hit series Money Heist.
Since then, its 22,000-square-meter facility has become one of Netflix’s major production centers within the European Union.
The company currently supports over 20,000 jobs in Spain, highlighting the nation’s growing influence in global entertainment.
The investment reflects Netflix’s ongoing strategy to expand its presence in European markets through original content and local talent.
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