FEATURE : MOBILE SECURITY takes place . The scammers pocket the money spent on apps and upgrades without ever delivering the promised services . Lookout estimated that the apps stole more than US $ 350,000 from their victims . for services that don ’ t exist . Purchasing goods or services online always requires a certain degree of trust – these scams prove that cryptocurrency is no exception .”
“ These apps were able to fly under the radar because they don ’ t actually do anything malicious ,” said Ioannis Gasparis , a mobile application security researcher at Lookout .
“ They are simply shells set up to attract users caught up in the cryptocurrency craze and collect money
BitScam and CloudScam apps both trick people into thinking they are paying for cloud cryptomining services . In addition to the apps themselves costing money , they promote additional services and upgrades that users can purchase within the apps , either by transferring cryptocurrencies to the developers ’ wallets or through Google Play .
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