Most of Fraudulent Crypto Apps at Google Play

January 24, 2018

Most of Fraudulent Crypto Apps at Google Play

Crypto criminals make use of large mobile app stores to distribute scam programs for identity and funds theft. That was the conclusion the RiskIQ researchers have reached having analyzed over 18000 apps to find those included into cyber security companes’ blacklists.

As the study runs, 661 applications from these lists are available at 20 various sites including the 2 largest ones which are App Store and Google Play.

It was Google Play that turned to house the most of fraudful apps which amounted to 272. Criminals use tempting and inviting word combinations like “bitcoin exchange”, “bitcoin wallet”, “cryptocurrency”, etc. for baiting common users.

«Before handing over any cash or personal data, investors should carry out thorough research into the exchange and wallet apps they intend to use. By checking the developer’s name, user reviews and the number of app downloads, investors can measure the validity of an app and be more confident in their choice», as Fabian Libeau, RiskIQ vice president.

The number of the biggest crypto hackings can be bumped up monthly. For instance, South Korean exchange Youbit declared bankrupt after 17% of its crypto assets stolen, while Slovenian crypto platform Nicehash got hacked and lost up to $64 mln.

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