As per a new report published by cybersecurity software manufacturer Trend Micro, there are currently more than 120 fake crypto mining applications available on the Google Play application store. These statistics are shocking as many users with non-technical backgrounds agree to pay for gaining access to the said applications.
These fake applications dupe the users by showing them fake user interfaces, graphics, and details. For many of these applications, there is no connection with an actual mining machine or farm whatsoever. A huge number of these fake applications can contain malware that poses a huge security threat to digital wallets or any other financial applications on the network.
Google Play Store Delists 8 Fake Applications
The Google Play Store recently took matters into their hands and decided to delist eight fake crypto mining applications. As per the review provided by the Google Play security team, most of these applications are hosted by threat actors and hackers. They pose a major security threat for the users. Many of these applications also ask the users to view advertisements and generate illegal traffic. On the other hand, two applications asked users to pay $5.99 to $12.99 for downloading them.
Trend Micro team warned users against the dangers of fake mining applications. They claimed that these applications were generated by hackers. Even if these applications seem harmless, they can be working in the background to steal crucial information and financial credentials of the users.
Many fake mining applications ask users as high as a $15 monthly subscription fee and mislead them with fake mining data. Trend Micro experts revealed that rather than using legitimate sources of data, the hackers use mining simulation modules to imitate real information. Thus far, more than 4,500 users across the globe have been affected by these fake applications between 2020 and 2021.
Many governments are working to roll out regulatory sandboxes to combat rising numbers of crypto scams. The regulators are working tirelessly to regulate the crypto industry.