CloudSEK detects Maha-based counterfeit currency syndicates on social media

Cyber intelligence firm CloudSEK has detected counterfeit currency syndicates based out of Maharashtra operating via social media platforms, the company said in a report.

The report said that the earlier such syndicates were confined to the dark web and underground print shops and claimed that such syndicates were now operating in broad daylight through social media platforms like Facebook and Instagram.

Sourajeet Majumder, a security researcher at CloudSEK, said the firm has reported about the syndicate to the law enforcement agencies with details of the cyber criminals along with their phone numbers, GPS location and supporting digital evidence.

He said the counterfeit currency network was flourishing openly on social media platforms.

"In a first-of-its-kind investigation, CloudSEK's STRIKE team has not only quantified the spread -- Rs 17.5 crore worth of fake Indian currency in just six months -- but also attributed key individuals behind the operation using facial recognition, GPS data, and digital forensics," the report said.

CloudSEK is one of the cyber intelligence service providers to India cyber security watchdog CERT-In.

The CloudSEK researchers found over 4,500 posts promoting counterfeit currency, more than 750 accounts and pages facilitating the sale and around 410 unique phone numbers linked to sellers.

"Adhering to its commitment to responsible disclosure and aiding national security, the comprehensive findings from this investigation, including the detailed attribution of threat actors, their phone numbers, precise GPS locations, and supporting digital evidence, have been formally furnished to relevant central and state law enforcement agencies," Majumder said.

He said that the critical intelligence has also been shared with appropriate regulatory authorities to enable swift and decisive action against this illicit network, safeguarding both the nation's financial stability and its citizens.