Reddit users report two apps that scam users out of money
Over the weekend, Reddit users reported two apps on Google Play that scam people by posing as cryptocurrency wallets. The fraudulent wallets, “ADA Cardano Crypto Wallet” and “All Crypto Currency Wallet” were both uploaded by a developer called “CryptoWallmart” and were downloaded 100-500 times each.
With the rising popularity of cryptocurrencies, it’s not surprising to see malicious apps posing as crypto wallets entering the Google Play Store. Cybercriminals constantly explore various ways of betraying people whenever they see an opportunity to take advantage of a trend; we have already seen cryptocurrency mining apps imitating popular apps on the Google Play Store.
The “ADA Cardano Crypto Wallet” app poses as the official Daedalus cryptocurrency wallet, used for the ADA Cardano cryptocurrency. The app uses the Daedalus’ logo and claims it will convert other crypto coins like Bitcoin and Litecoin into the ADA Cardano coin. However, once cryptocurrencies are sent to the addresses listed in the app, they are gone.
The “All Crypto Currency Wallet” claims to be a multi-coin wallet. The app may sound practical, but instead of being a handy wallet, it steals any cryptocurrency sent to it for safekeeping. The app even includes an added bonus for the app’s developer: an affiliate link from Changelly, a service that helps cryptocurrency owners exchange their coins using the best exchange rate possible. If app users click on the affiliate link and exchange their cryptocurrencies using Changelly, the “CryptoWallmart” developer gets 50% of the revenue from Changelly.
An ease and familiarity with wide-ranging tech makes younger generations a bigger target for scams and malware.
Ever wonder if a loved one you’re sitting next to this year could be a cybercriminal? They’re probably not. But you can still familiarize yourself with the types of fraud that take place within the family, just in case.