FnaS or Fake News as a Service Is Now a Thing
January 30, 2018
The above acronym “FNaS” is our own invention for “fake news as a service”; if you did not catch on it is a play on SaS or software as a service. We never thought that this was a possible job, but someone saw a niche and filled it. According to Unhinged Group in the article, “Fake News ‘As A Service’ Booming Among Cybercrooks” describes how this is a new market for ne’er do wells. It does make sense that fake news would be a booming business because there are many organizations and people who want to take advantage of the public’s gullibility.
This is especially true for political and religious folks, who have a lot of power to sway those in power. Digital Shadows, however, conducted a research survey and discovered that fake news services are hired to damage reputations and cause financial distress for organizations through disinformation campaigns.
How does this work?
The firm’s research stated that these services are often associated with “Pump and Dump” scams, schemes that aggressively promote penny stocks to inflate their prices before the inevitable crash and burn. Scammers buy low, hope that their promotions let the sell high, then flee with their loot and little regard for other investors.
A cryptocurrency variant of the same schemes has evolved and involves gradually purchasing major shares in altcoin (cryptocurrencies other than Bitcoin) and drumming up interest in the coin through posts on social media. The tool then trades these coins between multiple accounts, driving the price up, before selling to unsuspecting traders on currency exchanges looking to buy while prices are still rising.
One “Pump and Dump” service analysis discovered that they made an equivalent of $326,000 for ne’er do wells in less than two months. Even worse is that Digital Shadows found more than ten services that sell social media bot software for as low as $7.
It is not difficult to create a fake “legitimate” news site. All it takes is a fake domain, cloning services, and backlinking to exploit these fake news stories. Real legitimate news outlets and retailers are also targets. Anyone and anything can be a target.
Whitney Grace, January 30, 2018
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