Cyber-security Experts Identify 167 Apps Setup To Steal Crypto

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The stories of spams and hacks are not new in the crypto world. Though the amount of money lost to hackers has come down significantly in the first quarter of 2021 when compared with the previous year, there’s still a long way to go.

In a recent report, cyber-security experts from Sophos, a firm dedicated to combating cyber crimes, reveals that 167 operational counterfeit Android and iOS apps have been designed specifically to steal money from cryptocurrency traders and investors.

These apps target mostly investors who also use dating sites and then coax them into getting these scam apps installed on their devices. The report says that some of these apps have an embedded customer support “chat” option and engaging with such chats makes users vulnerable to scams.

The cyber-security experts have warned users from installing apps from unknown sources, particularly if you’re trading cryptocurrencies or storing financial info on your PC or mobile devices.

Earlier, a report confirmed that this year there have been lesser scams so far when compared with those in 2020. The security experts have attributed the decline to increasing awareness about cryptocurrencies and safer protocols. The money lost to scams will further decrease as the industry evolves stronger security mechanisms to safeguard the interests of investors and crypto traders.

Utsav K.
Utsav K.
Utsav is a senior crypto journalist and has been an active member in the community from even before the first major crypto boom back in 2017. In his writings, he focuses on analysing price trends and investigating policies. If you want to understand the practical implications and uses of complex technical protocols, he is your guy.

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