Cryptocurrency Investors Warned Vs. Fake Apps

Cryptocurrency Investors Warned Vs. Fake Apps

Sophos Group plc issued a warning to cryptocurrency investors eager to grow their hard-earned funds. The British security software company said that fraudsters are now stealing money from individuals who are new to virtual currency investing through creating fake cryptocurrency applications.

We want to share this important news with our readers, especially those who are novice cryptocurrency investors. We want them to keep in mind that they should be careful and well-informed before pouring their hard-earned investment money into these digital assets.

According to the report posted online by Tech Times, a news outlet focused on the latest developments in science, technology, and health, security researchers from Sophos found a stash of over 150 fake cryptocurrency, banking, and trading applications. In addition, they discovered that scammers designed these apps to steal their victims’ investment funds.

Moreover, the researchers from the hardware and security firm headquartered in Abingdon, England, learned that the fraudulent Android and iOS applications all used a common server. Sophos relayed that this questionable feature suggested that only one cybercriminal organization is responsible, perpetrating the Internet-based robbery.

Furthermore, according to the Sophos researchers, their assumption is supported widely by the communications with the fake customer support service group and the commonalities in the applications’ design. TechRadar’s report said that the fraudsters used various social engineering methods to encourage cryptocurrency investors to install the mock cryptocurrency application.

These scammers reportedly targeted new digital currency investors and even went as far as creating romantic relationships with possible victims over dating services. Sophos also mentioned that the fake applications’ operators merely blocked access if their victim later tries to close their investment account or withdraw their investment money.

Jagadeesh Chandraiah warned virtual currency investors that there is a chance that an investment opportunity is a fraud if something appears too good to be true or risky. The Sophos senior threat researcher relayed that this investment opportunity also typically features high returns on investment.

Additionally, Chandraiah warned cryptocurrency investors against scammers who pretend to be someone from a dating website. This fraudster would reportedly ask his victim to transfer cryptocurrency assets or money into his account. Chandraiah advised that cryptocurrency investors should only install applications from Apple’s App Store and Google Play.

These are trusted sources of investment applications and safeguard victims from falling prey to cryptocurrency investment frauds. We want to warn our readers that cryptocurrency investment scams are, indeed, prevalent nowadays.

Swindlers are quite eager to seize their victims’ financial assets, and so they concoct well-designed schemes. Thus, we highly recommend our readers stay vigilant and educated.

They can always get themselves protected by keeping themselves well-informed. Online resources are also abundant nowadays that aid cryptocurrency investors in avoiding scams.

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