Suppose you are a regular user of trading and cryptocurrency applications in smartphones. In that case, it is high time for you to be alert as several fake applications in the crypto line have recently surfaced on the market. The globally acclaimed cybersecurity firm Sophos stated that it had detected about 167 fake applications that were often used by cybercriminals to hack and withdraw money from the users’ accounts. These fake applications were found claiming features such as genuine financial trading, banking, and cryptocurrency deals.
The cybersecurity firm Sophos has reported that cybercriminals used social engineering techniques and fake websites to spread the popularity of these applications. For example, a fake iOS app store download page was created to provide face iOS applications to all iPhone users. Attackers also used the iOS app-testing website to implant dangerous and risky applications to all the users’ devices. With these apps, the attacker enjoyed access to the user’s account.
Several researchers have found that all the 167 fake trading and cryptocurrency applications belonged to the same server. Sophos believes that these 167 apps were run by the same group or organization of attackers. Most of the fake applications are similar to each other and have a similar user interface. Some applications also have the option of customer support chat, which gives similar and satisfying answers on contacting. In the case of the involvement of fake applications, the scammers started talking to users through a dating application. These scammers used to chat with the users by creating fake profiles.
Through the usage of tempting language, the scammers then asked the users to download the fake application to achieve big and earn more. After the successful establishment of an account on these applications, the scam used to take off. On earning a small profit, when the users tried to withdraw their money or close the account, the scammer could sneak through their data and gain access to their bank accounts. After that, the attackers got access to the users’ accounts, on which a considerable sum of money could automatically be debited.
According to Value Market Research, the global Bitcoin And Crypto Currency Hard Wallet Market rising trend of cryptocurrency among the urban populations will be the key driving factor for this market’s growth. Increasing interest in trading and protection from consumer chargebacks will be a market booster.
With the help of websites that almost seem real, internet users are being attacked by using mediums like these fake applications. Not only this, several other fake application store download pages have been created, which also portray fake customer reviews and ratings. After the successful download, these bunch of applications open like a mobile web app and act as a shortcut to a fake website. Hence, it is important for the users to only download any kind of application through an official or verified app store itself.
Naira Shekhawat has been into Content Writing just after completing her Graduation in English Literature. Her love for words has won her many accolades in her respective jobs ever since. Naira covers business sections for VMR News. She is a traveller by heart and loves writing on food blogs as a freelancer.