In this article, TrustDecision investigates into the emerging trend of fraudulent monetization schemes sweeping through Indonesian social media platforms. We will expose the fraudulent activities of deceit where fake accounts and illicit black market communities are not just surviving, but thriving.
April 12, 2024
8 minutes
Wang Ying, Yuqi Chen
TrustDecision has observed a rising trend within the Indonesian sector of a widely-used global social media platform, where fraudsters are creating fake accounts, building communities in the black market, and monetizing them. In response to a noticeable increase in fund deposits into creator accounts on this platform, we launched an initial investigation to uncover the details of these events.
This analysis made use of our Indonesian-language resources to examine the surrounding discussions, with the goal of identifying the causes and the individuals involved in this activity. We found significant interest in obtaining unauthorized access to platform coins and a large volume of transactions linked to the purchase of creator accounts.
We identified discussions surrounding various inauthentic methods on this global social media platform within different fraud-related sources. Much of this conversation focuses on exploiting various Techniques, Tactics, and Procedures (TTPs) to accumulate “coins“. The majority of these guides detail how to exploit legitimate methods for earning coins on this platform, like sharing referral codes or engaging with videos. These approaches have become widely recognized, portraying this app as an effective way to generate income and detailing methods for users to cash out through various payment services (DANA, OVO, and bank transactions). The promoters of these guides typically use them to share their own referral codes. Moreover, other guides offer different hacks and tools to misuse the platform's legitimate monetization features.
This involves:
The overarching goal of these guides is to aid users in gathering more coins on the platform, which are then converted into real currency.
As part of the fraudulent monetization activities, we noticed a trend where users based in Indonesia are buying and selling creator accounts on this specific social media platform.
Fake account creation fuels the engine of online fraud, serving as a linchpin for activities ranging from promotion abuse to orchestrated chargeback schemes. This enables fraudsters to cloak their activities under the guise of legitimacy, manipulating systems designed to attract genuine users, which in turn causes significant financial loss and harms the reputation of companies, while also harming confidence in digital environments.
The involvement with these accounts, operated alongside a primary account, seems to enable users to liquidate the off-platform value of accumulated in-app items.
The sale of inauthentic farmed social media accounts is a global phenomenon. However, it appears to be particularly popular in the Indonesian online ecosystem. These accounts are sold by individual vendors that offer a wide range of accounts on designated marketplaces. They have multiple purposes, from bypassing the platform’s verification processes to conducting on-platform spam or misleading marketing efforts.
In conclusion, the rise of social media fraud and the monetization in Indonesia highlight a complex challenge facing the digital ecosystem globally. From the creation and sale of inauthentic accounts to the exploitation of platform features for monetary gain, the ingenuity of fraudsters poses significant challenges to the integrity of online spaces.
In light of these findings, it is crucial for users, social media platforms, and regulatory bodies to remain vigilant, fostering collaboration to combat these fraudulent practices effectively. Platforms must enhance their detection and moderation capabilities, while users should cultivate a critical eye towards suspicious activities online. Meanwhile, regulators could consider setting more stringent guidelines around digital transactions and account verifications to protect consumers.
As TrustDecision continues to monitor these trends, our commitment to safeguarding digital environments against fraudulent monetization remains steadfast. By sharing insights and fostering awareness, we aim to contribute to a more secure, trustworthy digital future for all users.
Let’s chat!
Let us get to know your business needs, and answer any questions you may have about us. Then, we’ll help you find a solution that suits you
TrustDecision empowers businesses with AI-driven decision engine designed for fraud prevention, credit risk decisioning and ensure regulatory compliance. It leverages on machine learning models and big data capabilities to deliver real-time risk insights with accuracy and automate decision-making process to deliver maximum operation efficiency.
