How these apps will affect users
As per the warning report, these malicious apps help hackers to steal personally identifiable information (PII), access financial accounts or perform complete device takeover. The FBI warned that the apps may appear legitimate as they will use names, images or descriptions similar to popular apps.
How hackers are misusing the apps
Cybercriminals often use phishing or romance scams to establish communications with the victim. Then they direct the victim to download a mobile beta-testing app promising incentives like large financial payouts.
The FBI has discovered fraud schemes wherein unidentified attackers contact victims on dating and networking apps. Then they ask the victim to download mobile beta-testing apps like cryptocurrency exchanges. This allows the hackers to steal the victim’s information.
These apps ask the victims to enter legitimate account details into the app, sending money they believe will be invested in cryptocurrency, but instead the victim funds are sent to the cybercriminals.
If a victim downloads one of these fraudulent beta-testing apps masquerading as a legitimate cryptocurrency investment app, the app can extract money from the victim through fake investments.
Red flags for such malicious apps
FBI has recommended some indicators that will help users to identify these malicious apps:
The FBI has also offered a few other recommendations for user safety:
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