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The Federal Bureau of Investigation (FBI) has publicly warned the public about fake cryptocurrency apps that are thought to have defrauded American investors of $42.7 million. According to a securities and intelligence agency alert released on July 18, hackers have developed apps using the same logos and other identifying details as real cryptocurrency organizations to scam investors. 244 people had already been duped by these fraudulent apps, according to the FBI.
Cyber-Criminals Using Legitimate Logos For Fake Crypto App
Cybercriminals used the logo of a legitimate U.S. financial institution, in one instance, to lure victims into downloading an app. They then encouraged them to deposit cryptocurrencies into wallets connected to their accounts. Victims would be required to pay taxes on any withdrawals they sought to make using the app. The withdrawals would still be inaccessible even if the victims paid the fees. Therefore this was merely another scheme to steal more money from the victims. The FBI reported that 28 victims were scammed for over $3.7 million between December 2021 and May 2022.
Cybersecurity Firm ESET Uncovered "Sophisticated Scheme"
Cybersecurity company ESET discovered a "sophisticated scheme" earlier this year that involved disseminating Trojan programs posing as well-known cryptocurrency wallets. Then, these applications would try to steal cryptocurrency from their targets. One user lost $600,000 in Bitcoin last year due to a fraudulent cryptocurrency program posing as a mobile Trezor app on Apple's App Store. According to a Federal Trade Commission (FTC) report released in June 2022, since 2021, scammers have stolen up to $1 billion in cryptocurrency, with roughly half of all crypto-related scams coming from social media platforms.