The pandemic has created financial hardship around the world and people are trying to supplement their incomes. People standing by the fence about investing are entering the stock market for the first time while others follow the cryptocurrency hype caused by social media and public figures.
You have to be careful when dealing with a financial company. Diligence, research, and patience are important, but there are also external factors that you need to look out for. Scammers are aware of the crypto boom and are waiting to pounce. Tap or click here to learn more about 170 crypto scam apps discovered.
Even as stores remove malicious crypto apps, more are popping up all the time. We’ll give you the latest on recently discovered malicious software and some tips to help you avoid it. We also have an exciting tool that can help you get started with cryptocurrency.
We have already seen that
People with little or no experience in investing want to jump on the crypto bandwagon, and scammers are there to accommodate them. One scheme involved a fake Apple App Store with fake banking and trading apps.
Victims who downloaded these apps were taken to fake websites where they could enter personal and financial information. Tap or click here to see the full story.
A security company discovered hundreds of malicious iOS and Android apps stealing money. These apps mimicked legitimate banking and investment services and even copied their logos. They were shared through dating apps of all things. Tap or click here to see how this was done.
No signs of slowing down
Cybersecurity company Trend Micro released a report detailing a new type of crypto app scam. The team found eight apps that advertise cloud mining in the Google Play Store. In a legitimate case, users could rent cloud mining computers and take a stake in what is mined.
The malicious apps trick victims into paying for mining services that don’t exist, so they don’t get anything in return. There are subscriptions (with average monthly fees of $ 15) and fees to increase the mining rate (between $ 15 and $ 190), but nothing happens here either.
Two of the apps themselves were paid apps that cost $ 6 and $ 12 to download, respectively. Below is a list of malicious apps:
- BitFunds – Crypto cloud mining
- Bitcoin miner – cloud mining
- Bitcoin (BTC) – Pool mining cloud wallet
- Crypto Holic – Bitcoin cloud mining
- Daily bitcoin rewards – Cloud-based mining system
- Bitcoin 2021
- MineBit Pro – Crypto Cloud Mining & BTC Miner
- Ethereum (ETH) – Pool mining cloud
Google has been notified of the malicious apps and they have been removed. However, there are still apps like this in the store, and some have been downloaded more than 100,000 times.
Here are some tips to help you spot malicious apps like this one:
- Read the reviews of the apps and pay close attention to the 1-star ratings.
- Enter a wrong crypto wallet address. If the app seems to work properly with a fake wallet, then it is a malicious app.
- Restart your phone’s app during the mining process. Resetting the counter to zero is not legitimate.
- Free withdrawals indicate that something is wrong.
You want to make sure that these apps are not installed on your device. Open on your phone Google play and tap profile Symbol. Tap Manage apps and devices > Installed. Tap Uninstall next to any suspicious apps you might have.
Check out Kim’s crypto eBook
Investing in cryptocurrency is a complicated and risky endeavor. Crypto is very volatile and opinions abound as more and more people respond to it. Wouldn’t it be great to have some advice and guidance that you can trust? We are here to help!
Kim Komando’s Cryptocurrency 101 eBook will get you started on your investment journey, including tips on buying and storing digital currencies and how to keep hackers and scammers away.
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Taxation of cryptocurrency transactions