$ 350,000 stolen from 93,000 victims of fake Android crypto mining apps (report)
Cyber security firm Lookout has detected numerous crypto-mining scams using hundreds of fake Android apps. The fraudulent scheme affected at least 93,000 people and stole more than $ 350,000 from them.
Steal money instead of mining crypto
According to a recent report, security firm Lookout discovered 172 bogus Android apps intended to be used for mining digital assets. Instead, the apps turned out to rip off at least 93,000 victims and embezzle $ 350,000 from them.
The apps have been classified into two separate Android app divisions: BitScam and CloudScam. Bad actors would have designed them to target people interested in cryptocurrencies.
Basically, BitScam and CloudScam announced crypto mining operations for a fee to customers. However, the apps did not provide the aforementioned services and pocketed the victim’s money. Additionally, these apps displayed fake minimum account balances to trick users. Ioannis Gasparis – Lookout’s mobile app security researcher noted:
“These apps may have gone unnoticed because they don’t do anything malicious. They are simply typos put in place to lure users caught up in the cryptocurrency craze and raise money for services that don’t exist.
Lookout revealed that 25 of the 172 bogus apps were available for download on Google Play. Subsequently, the cybersecurity company launched a joint initiative with Google and removed the apps from the platform. Still, the cybersecurity company has warned that hundreds of them are available for download from third-party app stores.
BTC Scam Stole British Woman’s Savings
CryptoPotato recently reported on the case of Teresa Jackson – a retired teacher from Portishead, Somerset. The 63-year-old was impressed with a Bitcoin investment plan announced on Instagram and began to think about whether to put some of her funds there.
Shortly after entering the mysterious project, she was contacted by an individual who claimed to be a financial advisor with extensive knowledge of Bitcoin. The anonymous man reportedly looked very dignified and persuaded Jackson to invest £ 120,000, which was in effect his retirement pot and savings.
She sent the money and tried to verify what had happened with her investment. Unfortunately, the “advisor” did not respond and the funds irrevocably disappeared:
“I felt embarrassed and stupid. My family trusted me to know what I was doing. I’m on Universal Credit now, it’s that easy. I’m comfortable, but I can’t have the life I used to have.
Ms Jackson got half of her money back from her bank when she told them about the scam. However, the institution could not return the full amount because it transferred the money itself.
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