Between January and May 2025, the Philippines’ financial sector was directly targeted by an e-crime organization known as SOLAR SPIDER, according to a report from CrowdStrike.
Attack Methods and Regional Cybercrime
Phishing Attacks: SOLAR SPIDER primarily uses financial-themed phishing emails to deliver malware. These lures often impersonate legitimate financial services like SWIFT and Western Union transactions to trick victims.
Wider Ecosystem: The report also exposed a broader, regional Chinese e-crime network fueling this activity. One major component, the now-shuttered marketplace Huione Guarantee, was estimated to have laundered approximately $27 billion from “pig butchering” and other types of scams.
Local Support: This extensive ecosystem actively provides services to local Philippine criminals. For instance, the China-based hosting provider CDNCLOUD explicitly offered its services to users within the Philippines.
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