Lookout uncovers crypto scams targeting tens of thousands of victims using hundreds of Android apps

[ad_1]

SAN FRANCISCO, July 7, 2021 / PRNewswire / – Lookout, Inc., an endpoint-to-cloud integrated security company, today announced the discovery of major crypto-mining scams using hundreds of Android apps . Categorized into two distinct Android application families, BitScam and CloudScam, these applications have been designed to target those interested in cryptocurrencies. In total, security researchers at the Lookout Threat Lab have identified more than 170 apps that allegedly scammed more than 93,000 victims. The majority of these apps are loaded on the side, as only 25 were available for download on Google Play. Lookout has been in close contact with Google and apps on Play have been removed.

The BitScam and CloudScam apps advertise themselves as providing cloud-based cryptocurrency mining services for a fee. After analyzing the apps, Lookout researchers found that there was no actual crypto mining in the cloud. Scammers pocket the money spent on apps and upgrades without ever delivering the promised services. Lookout estimated that the apps stole more than $ 350,000 from their victims.

“These apps may have gone unnoticed because they don’t do anything malicious,” said Ioannis Gasparis, mobile app security researcher at Lookout. “These are simply typos put in place to lure users caught up in the cryptocurrency craze and raise money for services that don’t exist. Buying goods or services online still requires a certain degree of confidence. These scams prove that cryptocurrency is no exception. “

The BitScam and CloudScam apps both trick people into thinking they’re paying for cloud-based crypto mining services. In addition to the expensive apps themselves, they promote additional services and upgrades that users can purchase within the apps, either by transferring cryptocurrencies to developers’ wallets or through Google Play. These apps also display fake minimum account balances to trick users into spending more money on services and upgrades.

While the BitScam and CloudScam cryptomining apps have now been removed from Google Play, there are dozens more available for download from third-party app stores.

To learn more about BitScam and CloudScam, read the Lookout Research Blog or visit the Lookout Threat Lab.

Additional Resources:

About LookoutLookout is an endpoint-to-cloud integrated security company. Our mission is to secure and strengthen our digital future in a privacy-driven world where mobility and the cloud are essential to everything we do for work and play. We empower consumers and employees to protect their data and stay securely connected without violating their privacy and trust. Lookout is trusted by millions of consumers, leading businesses and government agencies, as well as partners such as AT&T, Verizon, Vodafone, Microsoft, Google and Apple. Based in San Francisco, Lookout has offices in Amsterdam, Boston, London, Sydney, Tokyo, Toronto and Washington, DC To learn more, visit www.lookout.com and follow Lookout on its blog, LinkedIn and Twitter.

Contact Lookout PR: [email protected]

SOURCE Belvedere

Related links

https://www.lookout.com

[ad_2]