These guys would either be buying or heavily investing in spyware to harvest our phone contacts. This is relatively easy and almost always done unnoticed especially unlike most PC many phones are not as well protected.
After they have mined this for what it is worth they will devise a new story and repeat the cycle. Time to take the fight to them.
It is quite hard to cyber rob the bank, much easier to scam people to withdraw their money and hand it over right? The cost of such operations are low and if you try your luck with enough people, the low conversion rates will still yield a tidy absolute sum. Scammers biggest worry might not be law enforcement but competitors. I am waiting for them to start hunting down and killing each other. You can't enforce territorial rights in cyberspace like they do in the physical world. Unless governments are more proactive this is going to get quite messy.