Hello and welcome to the Scam Logs, where we go over scams criminals use to steal cryptocurrency. Today, we’re covering a similar topic to the first we ever did: fake applications.
Fraudulent crypto wallets—as an example—try to get you to download them, enter sensitive data, and then steal your money.
And this can happen in seconds. Massive amounts gone from simple errors.
But how is this allowed to happen? App stores are secure places, surely? They’re looked over with care, right?
Well, they can be, but nothing’s perfect. Companies can do a lot to make sure they’re not allowing bad actors, but that doesn’t mean scammers don’t sometimes get in anyway. A bait and switch tactic can circumvent it, for instance. The app may have been presented as one thing, but then changed later. And even if discovered and taken down, there’s not much to do for the victims.
So, what can be done? Well, as always, being aware and researching before trusting cryptocurrency groups and apps is a must. In a recent scam, the real company didn’t even have an app. Looking at app creation dates, checking if reviews might be faked, or being cautious the moment something feels off is pivotal. It’s not paranoia with web security: it’s just being safe.
The more you know about scams, the easier they are to spot. The less likely they are to get you.
And The Scam Logs is here to help with that. So, come back soon for another article, another arrow in your quiver.