The rise of fake cryptocurrency apps and how to avoid them

2022.08.02 03:49

The rise of fake cryptocurrency apps and how to avoid them

Scammers have been taking advantage of blockchain’s decentralized and immutable nature to swindle crypto investors since the advent of the technology.

And, according to the latest FBI fraud report, fraudsters are using fake crypto apps to steal money from unsuspecting crypto investors. It highlights that American investors have lost approximately $42.7 million to swindlers through fake apps.

Social engineering schemes

Recognizable brand names

Distributing fake apps through official app stores

Spelling, icons and description

Application permissions

The number of downloads

Confirming authenticity by contacting support

Source