Lookout Threat Lab security researchers discovered over 170 Android apps, including 25 apps in the Google Play store, involved in crypto mining scams.
The apps, categorized as BitScam and CloudScam, defraud users by promising to provide cryptocurrency mining services for a fee without actually providing any services.
They steal users’ money by tricking them into buying premium apps, upgrading subscriptions, or transferring bitcoins to cryptocurrency wallets operated by the fraudsters.
These cryptocurrency scams coincided with increased investments in cryptocurrency. The sector reached a market capitalization of over $2 trillion during the pandemic.
Rogue Android apps exploit legitimate payment processes in crypto mining scams
The apps exploited legitimate payment processes such as Google Pay to receive money stolen in crypto mining scams. They use these channels to steal users’ money by promising services that they do…