Telegram becomes a mean for cybercriminals to exchange financial details of people

Telegram is one of the most used messaging applications, recently when WhatsApp faced some backlashes due to its privacy policy, Telegram was what people turned towards in means of their communication. Telegram is an instant messaging service with end-to-end encryption feature allowing users to chat for free. However, there are other dangerous activities going on the app by some groups.

Many cybercriminals are using the application as an underground way to exchange financial information about people in return for hefty sums of money.

So why do cybercriminals use Telegram for information exchange?

Well, to start off the tech giant doesn't detect or rule out cybercriminals but their censoring algorithms work only on extremist’s content. Moreover, criminals find Telegram a better medium to communicate than creating a dark web page just to exchange information and consider that Telegram channels can be deleted easily, they have no fear of being tracked back too.

Cybersixgills conducted a research in which they observed that though the number of financial account sales has decreased massively in the last year, the cybercrime still remains of concern on the app. The report was only based on specific findings of keywords like money laundering and financial accounts sales.

On top of the research list the bartering of PayPal accounts was seen followed by Chase and Western Unions.

Account takeovers on the platform are easy because the hackers can take over any account and drain their funds and use those particular accounts on the web to make payments, considering how PayPal is famous and can be used anywhere in the world. Moreover, according to the report, most hacked PayPal accounts are used to buy cryptocurrency which is hard to trace.

Credit cards are also massively sold to bad actors online and the price range in these cards happen to fall between 10 to 1500 dollars depending on bank account balance/history.

This shows us how with increasing technology the ways of dangerous hacking have increased too and that too rather smartly. Telegram really needs to take action on such initiatives happening on their app otherwise they will definitely lose a good portion of their loyal users.
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