I have recently seen a lot of news about Android crypto scam industry or Android App Stores. As you know, there are two things that can happen when we install Android Apps – we can download and install them or we can download and install a malicious version of the Apps. I have a few questions: How many people fall for such a scam? How much money is lost? What are the next steps for law-enforcement?
There are many factors that make the crypto-currency industry as an industry so attractive. The inconvenience of using credit cards, bank transfers and PayPal limits are just some of the reasons why many people are attracted to the industry. In order for there to be a chance of making a profit, people need to move their money in and out of crypto-currencies as fast as possible. People are looking for quick and easy solutions, so they are quite willing to put their money in companies that claim that they can provide them with the best returns.Summary of the situation
– Cloud mining is used as a cryptocurrency scam on Android devices.
– More than 30 Play Store apps have been reported as fraudulent.
According to research, cryptocurrency fraud has increased on Android devices and fake apps that target the cryptocurrency market. Many mobile apps offer to mine cryptocurrencies at minimal interest, which turns out to be a scam.
At least 150 Android mobile apps have been labeled as fake when it comes to crypto currency transactions. Twenty percent of these fraudulent apps can be found in the Play Store and another one percent on underground websites. These mobile apps promise to obtain cryptocurrencies like bitcoin without mining each token.
Lookout Security claims that the sole purpose of these applications is to take investors’ money without providing the promised benefits. This is a type of cryptocurrency scam that is gaining momentum amidst a balanced trend with bitcoin and other tokens.
Losses from crypto-currency fraud in mobile applications
At least 93,000 Android investors have reportedly been affected by the cryptocurrency scandal in recent months. At least $350,000 was stolen through original payment systems, additional transactions or additional services.
Researchers divide these fraudulent applications into two groups: BitScam and CloudScam. Although there are over 100 different alternatives to cryptocurrency scams, these will be the most popular.
Although the application’s malware attempts to extract data, it is not detected by the mobile device’s built-in antivirus. It even claims to be a legitimate cryptocurrency company in hopes of helping you make money.
Victims of cryptocurrency often believe that the app gives access to the cryptocurrency mining team from home or abroad. The goal of this form of cloud mining is that the entire mining pool contributes a certain amount of computing power to the device. However, they never make a profit.
Cryptocurrency mining mobile apps are similar to.
Although the mobile applications included different mining operations, the design of these systems was very similar. It can be concluded that this is a network of cryptojackers operating remotely around the world.
BitScam also offers cloud mining services on an in-app subscription basis. Reportedly, users can pay for the service via the Play Store, CDT or cryptocurrency.
Although the Android Play Store has removed many of these fraudulent apps, they continue to appear. There are also third-party applications that users can find on the website.
Researchers warn users to be wary of cloud mining and advise them to be well informed about the applications. This method of phone extraction is real, but it is a real scam.
Before signing up for any of these services, users should research the company and its reliability. You also need to install the mobile app from the company’s official cryptocurrency website. In case of scams, users can report the app so that it is immediately blocked from the Play Store.
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