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After Google banned nine dangerous apps that tried to steal Facebook passwords, the company has now banned another group of popular Android apps from its Play Store.
The latest installment is for those trying to make money from the latest crypto mining frenzy. This new type of online currency has flourished in recent years with a large number of people trying to join the revolution and make a quick profit. Cryptocurrency mining (AKA) uses the processing power of computers to solve complex mathematical problems that verify cryptocurrency transactions and then reward with a small amount of cryptocurrency.
The apps, recently banned by Google, claimed to offer money-generating mining services for a monthly fee.
Once logged in, it provides the user with an activity dashboard that shows the performance of the app and the money earned.
However, this was part of a complex scam with Lookout Threat Lab’s security team, who discovered that after users paid for the subscription, no real cloud mining had taken place.
A total of 25 apps have been removed from Google’s official online marketplace, with Lookout warning that more than 100 apps are still available through third-party stores that allow apps to be downloaded to devices.
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According to Lookout’s analysis, the criminals defrauded over 93,000 people and stole at least $ 350,000.
This money is distributed among the users who pay for the apps, with the purchase of bogus updates and additional services. Lookout has now categorized these apps into two distinct families called BitScam and CloudScam.
As soon as Google was informed of the problem, it immediately removed these apps from the Play Store: Top Coins • Mr Bitcoin • Star BTC • Bitcoin Burn • Moon BAT • Bito Holic • Bito Hash • BitHash • Multi Coins • BitcoinCash Miner Airdrop • Bright Miner • Pink BTC • XMR Miner • COIN Master • ETHMINER PRO • crypto cloud mining pro • Btc Miner pro • Bito Miner • Mining Machine • BTC CLOUD • BTC Cash • Black Crypto • Cloud Mining • Crypto Pro-Miner.
If you are planning to use cryptocurrency apps, here are some tips from Lookout:
• Learn more about the developers behind the app. What certificates or credentials do they have, what other apps have they created, does the company have a website and can you contact them?
• Install from the official App Store. Although scams are difficult to detect, downloading from an official store reduces the risk of downloading malware.
• Read the terms and conditions. Most scam apps contain false information or have no terms available.
• Use the reviews of other app users to your advantage. Reading other users’ experience with the app can be very interesting in identifying scams.
• Understand the permissions and activities of the application. Look for red flags in app activities. Does the app ask for permissions that it does not need to run Does the app suddenly crash or reset Does the cryptocurrency balance suddenly reset? numbers displayed make sense?
Source: Express
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