Android users are currently alarmed about a fake app found on the Google Play store intended to steal the users' money. An article from IT security company ESET, forewarned Android users of a fake app impersonating the popular cryptocurrency wallet Trezor using the name Trezor Mobile Wallet. While the app appears harmful, something fishy happened after it was installed.
A few days ago, several sites cautioned Android users of several pieces of apps available in the Google Play Store filled with malware. One malware-ridden app was downloaded 90 million times and another malware-filled app infected 30 million Android devices. But, the latest app is not only designed to harm Android users' devices but also to rob them of their money.
Security experts at one of the leading IT security companies, ESET, noted of the fake app that looks trustworthy in the Google Play Store. While the app appears harmless, ESET discovered that after installing the app on an Android device the icon for the Trezor Wallet turned out to be different from the one listed on the Google Play Store. Upon further research, security experts unveiled that the fake app and its icon is for the app called Coin Wallet Bitcoin, Ripple, Ethereum, Tether.
The app masquerading as Trezor's mobile wallet was uploaded on May 1, 2019, at the Google Play Store with the developer's name Trezor Inc. While the fake app could not harm Trezor users because of its multi-layered security, it could fish for the user's login credentials which could have devastating effects. According to one of ESET's researchers Likas Stefanko, the main purpose of the app is to trick users to transfer cryptocurrency into the wallets of the hackers.
The security researcher added that the fake app is a classic example of Wallet Address Scams. With this type of scam, the app on Google Play Store disguises to produce a distinct wallet address where users can place their coins. In reality, these addresses are owned by the attackers and they are the only ones who have the key to access the funds.
Stefanko noted that each supported cryptocurrency has its own designated wallet created by the attackers and all victims are given the same wallet address so they could place their money unknowingly. ESET reported that they have already informed Google Play Store about the apps. Upon checking, it appears that the malicious apps are now removed from the store.
