Google Play warns customers of fake cryptocurrency apps

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If there is money to be made by an idea, you can be sure that someone is looking to make a fast buck illegally. That is why Google Play announced on May 23 that apps offered in their app store were impersonating popular digital currency apps, which would then allow the developers to steal people’s cryptocurrencies.

According to the report, there were two apps that were masquerading as well known cryptocurrency applications. One, it is reported was fairly harmless, but the other was a serious threat to users. Specifically, the app was pretending to be the popular Trezor wallet, which is one of the most widely downloaded applications by those seeking digital currency information.

The app was meant to trick users into providing their login credentials. It was first uploaded on May 1 and it was not long before it became the second most popular app searched using the term “Trezor.” Users reported that the app was a fake as much as two weeks ago.

While the app is a serious concern for users, there was some good news. According to security analysts, the app cannot harm the Trezor app itself, as this application has several layers of security which could not be breached. However, it still allows the developers to connect to a user’s wallet once they have entered the login credentials. This is when they would be able to steal the digital currency contained in the wallet.

Users are warned that they should check to make sure that they are not using this app. If it is installed on your phone, you may want to take it in to have an expert remove the app, and also change your login credentials.

This is becoming a very serious problem for consumers who want a quality app but have to be worried about their assets being taken. In February, Microsoft announced that there were eight apps in their application store that were being used for cryptojacking. Microsoft removed the apps once they were discovered.

A month later, the malware Gustuff was found to be targeting Android-based applications. This virus allowed the thieves to see all banking information including payment processes and bank information. The virus was so sophisticated that it was able to access over 100 banking applications.