Cybersecurity experts warned that millions of users are at risk of losing their money stored in digital wallets if they do not immediately delete 20 malicious apps from their devices.
According to the Mail Online, a team from the cybersecurity company Cyble revealed the existence of fake apps in the Google Play Store that pretend to be trusted digital wallets, using names and designs identical or similar to original apps.
The fake apps include names like Pancake Swap, Suiet Wallet, Hyperliquid, Raydium, BullX Crypto, Meteora Exchange, Harvest Finance Blog, SushiSwap, and OpenOcean Exchange.
Logos and designs similar to original apps are used to deceive users into downloading them from the Google Play Store.
To distinguish between the original and fake app, users can check the developer's name; for example, the original PancakeSwap app is developed by PancakeSwap Team, whereas the fake uses a developer package known as co.median.android.pkmxaj.
The other 19 apps use variable developer package names, targeting users to enter the 12-word security phrase, which is the secret code to access digital wallets.
Once entered, hackers can steal the phrase and access the real wallet, transferring cryptocurrencies like Bitcoin or Ethereum to their wallets, with no possibility of recovery due to the permanent and irreversible nature of blockchain transactions.
According to estimates, over 400 million people worldwide use cryptocurrencies, including millions of Android users.
The risk of fraud is heightened as some developer packages were previously associated with legitimate apps, such as games or live streaming apps, making the fake apps appear trustworthy due to their high download records.
If a user enters the security phrase in a fake app, hackers can access their digital wallet on the blockchain, even if it's stored on another app or device. The fake app does not manage cryptocurrencies; it serves as an interface to steal the security code.
To verify the apps, Android users can check the app settings or package details in the Google Play Store.
While iPhone users enjoy greater protection thanks to the strict app review process in the App Store, they are not completely safe from fraud via fake sites or suspicious links.
Cyble reported the harmful apps to Google, and most of them were removed, but some are still available in the store.
Cybersecurity experts have provided a set of tips to protect against theft, as follows:
Check the developer's name and app package before downloading.
Avoid entering the security phrase in suspicious apps.
Look for the number of downloads and user reviews to ensure the app's legitimacy.
For iPhone users, stick to downloading apps from the official App Store.
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