Hundreds of Scam Trading Apps Abound May 13, 2021 11:24 GMT
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Around 167 fake iOS and Android apps
were recently found. Available as crypt or stock trading and banking apps, the tool may rob you of your hard earned money.
The Sophos team was asked to investigate an application submitted by someone who had been a victim of the scam. The story begins on a dating website where the scammers tricked the victim into installing a cryptocurrency trading application.
They managed to implement this scam by sending them a link that impersonated GoldenWay, a Hong Kong-based trading and investment firm. The fake app was available for both iOS and Android mobile operating systems.
Apple’s App Store Hosting Scams Bringing In Millions Of Dollars In Revenue, Developer Says iPhone cases these days pack great design, amazing protection and other useful functions. Photo: Burst / Pexels
KEY POINTS
These fake apps present themselves as legitimate but con people into giving money
The developer is working to raise awareness about the issue
An app developer has claimed that Apple’s App Store is home to alleged scams that involve millions of dollars.
Apple might be known for its outspoken push for user privacy, especially in recent times, but there’s one thing that many consumers do not know, according to Kosta Eleftheriou: its App Store is “fundamentally broken” and is home to scams due to the company’s “lax” enforcement of rules, The Verge reported.