Cybercriminals are using fraudulent mobile apps to target consumers interested in investing in cryptocurrency. The FBI issued a recent warning detailing how bad actors use fraudulent mobile apps to defraud crypto investors, scamming approximately $42.7 million from more than 244 victims since October of 2021.
These cybercriminals are contacting U.S. investors, claiming to offer legitimate cryptocurrency investment services. They encourage the victims to download fraudulent mobile apps which are then used to steal the cryptocurrency funds.
In several instances, these cybercriminals have exploited the brands of trusted and legitimate U.S. financial institutions. By taking advantage of these names and logos, they fool their victims into downloading their apps.
With over 10,000 different types of digital currency available globally, consumers are adopting cryptocurrency to conduct business and transactions online. Bad actors have been quick to adapt to this new technology, using old tactics to lure in their victims. Brands need to be aware of these scams and how they may be at risk.
In addition to the mobile app scams currently targeting investors, bad actors are also targeting their victims using cryptocurrency tech support scams, NFT scams, and crowdsourcing scams.
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