Fake Cryptocurrency Wallet Found on Google Play!

This past week, a Reddit user reported on two apps on Google Play that had been defrauding users by posing as cryptocurrency wallets. These fake wallets are the ADA Cardano Crypto Wallet and All Crypto Currency Wallet. They were uploaded by a developer called CryptoWallmart and have been downloaded 100 and 500 times, respectively.

With the increasing popularity of cryptocurrencies, it is not surprising to see malicious apps masquerading as digital money wallets on the Google Play Store. Cybercriminals never stop looking for ways to take advantage of a trend. We ourselves have seen cryptocurrency miner apps pretending to be popular apps on the Google Play Store.

How does the fake wallet work?

The ADA Cardano Crypto Wallet spoofs users as the official Daedalus wallet for the Ada Cardano cryptocurrency. The app uses the Daedalus logo and claims to convert cryptocurrency coins like Bitcoin and Litecoin to ADA Cardano. However, once sent to the address listed in the app, the money will disappear.

Meanwhile, the All Crypto Currency Wallet claims to be a multi-coin wallet. The application looks practical. However, instead of being a handy wallet, it steals cryptocurrencies that are sent to him for safekeeping. The app even includes a bonus for its developers: an affiliate link from Changelly, a service that helps cryptocurrency owners exchange their coins at the best available exchange rates. When users click on their affiliate links and exchange their cryptocurrency with Changelly, CryptoWallmart, as the developer of the ADA Cardano Crypto Wallet and All Crypto Currency Wallet, will get 50% of the revenue from Changelly.

How to protect yourself (and your coins) from fraudulent apps

Something to do to protect your mobile device is to download and install an antivirus app, which will act as a safety net and protect you from malicious apps. Avast Mobile Security is capable of detecting and removing malicious applications.

Don’t download apps other than official app stores, which usually check the safety of apps before making them available to the public. However, malicious apps sometimes manage to sneak in, so it’s important that you verify the apps you want to download. Make sure the application is made by a trusted source and is not fake. This can be done by visiting the official websites of established app development companies as they often promote their mobile apps there and take you to the official store link where the app is available.

Always read positive and negative reviews before downloading any app. Even if an app has a lot of positive reviews, people will usually know if the reviews are genuine or made up; Suspicious positive reviews can be a sign that an app should not be trusted. In some cases, apps have negative reviews and users report them as fraudulent apps. This is a big warning sign!

Another important step is to read the permission request of the app carefully. If the requested permissions don’t make sense and don’t seem necessary for the app to function properly, you should think twice before downloading it. In general, apps that offer cryptocurrencies in exchange for a lower exchange rate should be considered scams. [Nikolaos Chrysaidos]

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