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March 1, 2022

Unearthing the Million Dollar Scams Targeting the Indian Electric Vehicle Industry

Rising oil prices and the looming climate crisis have forced energy-intensive sectors to reconsider conventional modes of operation and embrace radical changes. This is especially true of the global automotive sector, which is rapidly shifting to renewable and sustainable mobility options. And India, with the fifth largest automotive industry in the world, is not far behind.

As with any technological advancement, be it Artificial Intelligence (AI), blockchain, or electric mobility, cybercriminals are just around the corner, looking for ways to exploit the new ecosystem. Despite the nascence of the Electric Vehicle (EV) sector in India, CloudSEK has identified a large-scale phishing campaign targeting potential EV distributors and users.

CloudSEK’s in-depth investigation shows that scammers are exploiting Google ads to misdirect users to phishing sites that collect users’ data and money. With each site defrauding users of INR 200,000—400,000, in booking fees and down payments, the scam has so far cost the Indian public over INR 40— 80 Million (~USD 1 Million).

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