The investment business sector is rapidly evolving, with new earning platforms emerging all the time. However, as their popularity increases, so does the scale of online fraud associated with this field. Every day, fraudsters develop fake investment apps that mimic the work of official resources. Under the guise of fake apps, scammers distribute malicious programs. Fake apps look very similar to real ones. A malicious copy can look almost identical to the original – from the interface design and logo to the description of the functionality. The functionality and visual design can be absolutely identical. It is even possible to use a repackaged source code, just like the official app. But by looking more closely, you can recognize a fake program that monitors actions performed on the phone, resulting in theft of information and people's assets.
What deception methods do fraudsters use in fake apps?
Fraudsters create apps using various methods, including official and unofficial app stores, and also deceive through notifications sent to email and SMS.
There are two common methods used by fraudsters to disguise apps:
- Imitation – an attempt to deceive a person by creating a copy of the official program, where the name, logo, and functions of the app completely match the original.
- Repackaging – this method is quite difficult to detect at first glance. Repackaged apps use the same characteristics as the official counterparts, including matching names and icons: for these purposes, the source code undergoes modification and repackaging.
Various variations of fake investment apps are widespread. To be able to distinguish the original from a fake, it is important to understand where and in what situations fraudulent software schemes can be encountered.
Investment App Fraud
There are many variants of app frauds masquerading as the original.
Pay attention to:
- Ad bots – fake apps with a large amount of advertising information displayed on the phone.
- Payment scams – through fake systems, money can be debited from the phone account automatically.
- Inappropriate content may be present in fake resources.
- Malicious downloads, which can lead to unwanted programs being downloaded onto the phone.
- Phishing – credential theft activation can occur using an interface that mimics the login menu of the original app.
- Requesting extended permissions, which allows fraudsters to deactivate basic security programs on the mobile device.
- “Ransomware” – the goal of this fake is to infect the device with a special program that blocks a person's access to personal data.
- Spam applications – sending messages to contacts via email.
- “Spy” – such apps, under the guise of providing investment offers, distribute personal information to third parties without the owner's consent. This can involve the transfer not only of media files but also of geolocation and electronic wallet addresses.
- “Trojan” – after installation, malicious operations such as data collection and sending SMS to premium phone numbers are carried out.
Activation of fake apps in the world of investments leads to address substitution, displayed in the interface on the balance top-up and withdrawal page. When a person makes a transaction, the money transfer goes not to the specified card but to the fraudsters' account. Experts recommend: before carrying out a transaction, send a small test amount to ensure that the money reaches the recipient.
Can fake apps be identified and how to protect yourself from fraudulent apps?
Few people know how to avoid deception when choosing new apps to download. You should pay attention to certain details. Alarm signals can be the presence of certain signs. To identify a fake, you should review the signs of a fake investment app:
- distorted icon;
- request for unnecessary permissions;
- negative reviews;
- presence of spelling mistakes;
- minimal number of downloads;
- fake information about creators;
- recent release date.
It would be useful when choosing an investment resource to review the privacy policy and reviews about it. If an unusual notification is received on the phone, stating about a profitable investment by installing a new app – you should be cautious. If a transition to a suspicious link occurs during downloading, it is possible that all funds in the cryptocurrency wallet may end up in the hands of fraudsters.
How to recognize a fake investment app?
Determining such apps that offer earnings is not difficult – you just need to look at the developers and read reviews about previously created programs, as well as study the rating and comments of those who have already tested the program. Another important nuance is the number of those who rated the software resource. Fake duplicates are not popular, whereas a real investment app should have a significant number of ratings.
Effective recommendation: it is worth downloading earning apps only from verified sources. In Play Market, Apple Markets, and other licensed system programs, safe investment apps are recommended in most cases. Also, make sure that reliable protection is installed on the mobile device to protect against various online threats.
The activity conducted by developer-fraudsters is illegal. To avoid suffering from a negative experience with a fake investment app, it is better to immediately determine the reliability level of the service.