Cybercriminals are using increasingly sophisticated methods to defraud victims of their money through investment fraud. Research by Infoblox shows that two networks, Reckless Rabbit and Ruthless Rabbit, are exploiting domains on a large scale to mislead internet users with fake investment platforms.
In the US alone, consumers lost a staggering $5.7 billion (€5 billion) to investment fraud in 2024. The victims were not careless people, but consumers seeking financial security for the future.
Recent research by Infoblox Threat Intel shows that both criminal networks use so-called Registered Domain Generation Algorithms (RDGA). This technology enables them to register thousands of domains at lightning speed, making it extremely difficult for security systems to block all fraudulent websites.
Attacks targeting Facebook
Reckless Rabbit uses Facebook ads to lure victims to fraudulent investment platforms. The criminals abuse the image of celebrities by displaying fake recommendations that inspire trust. To avoid detection, they use wildcard Domain Name System (DNS) responses, which make subdomains difficult to trace.
Reckless Rabbit’s campaigns have an international reach. They tailor their attacks to the local language and context, making the scam appear more credible in different countries. This localization increases the effectiveness of their deceptive tactics.
Advanced cloaking techniques
The other network, Ruthless Rabbit, uses its own cloaking service to distinguish legitimate users from security researchers. This technique filters out unwanted traffic such as cybersecurity services, allowing their fraudulent activities to remain under the radar for longer.
Ruthless Rabbit mainly targets Eastern European countries. They mimic local news websites and well-known brands such as WhatsApp and Meta. They also use dynamic URL paths for landing pages, which means that the URLs constantly change to make detection more difficult.
The success of these types of fraud is a combination of chaos and trust. In times of economic uncertainty, people are more susceptible to the promise of quick financial gains. Criminals cleverly exploit this by creating a sense of urgency while instilling trust through familiar faces and brands.