Technology is said to be a dual edged sword and we get to see its evidence quite often nowadays! From malware masquerading as legitimate software to fake apps conning users as genuine ones- the instances are numerous. Even the cryptocurrency sector is not immune to this menace. Of late, the crypto sector veterans received a big shock as the news of fake crypto wallet apps getting caught on Google Play made headlines.
Getting into the origin of fake crypto wallet apps
You need to use some type of crypto wallet if you want to deal with crypto currency and the options are varied. With time, more companies are hopping onto the bandwagon as well. In the last few years, the number of crypto currencies has goon up and same is true of the hot and cold crypto apps. This prompted the malicious lot to unveil fake crypto wallet apps.
Eset, the security company that makes the popular NOD 32 Antivirus, along with other PC and mobiles security products -highlighted this new menace. As per a new report published by the company, the renewed zeal about Bitcoin in 2019 actually led to this development. Bitcoin breached $8000 and this almost coincided with the fake crypto apps getting caught in Google Play!
There were several such fake crypto wallet apps and the most notable one is Trezor Mobile Wallet. It would appear second in Play Store if you search for Trezor and surprisingly it contained accurate metadata and categories. This was enough to fool a first time user. The good thing was the funds added in official Trezor wallets remained safe. Eset spotted the fake app with links to Coin Wallet- a fake crypto exchange. It was downloaded by nearly 1000 users.
Ways to spot a fake crypto wallet app
Google is definitely doing its homework to boost defenses against such fake crypto apps and prevent them from getting listed at Play Store. However, for the average crypto users- staying alert is advisable. If you think an app listed in Google Play or App store looks fishy, look for some specific signs.
Listed below are some tips that you will find handy in detecting such fake crypto apps:
- Read the reviews- Granted, online app reviews can prove to be amazed bag but the pain is worth taking! The fake crypto apps are not likely to get several superlative reviews. Just do not download such wallet apps in a hurry. The star rating is something you need to check as well.
- Go through the description-It is also necessary that you read the app description. Check if the description looks professional and detailed or not! If the description is replete with spelling mistakes and grammar issues- the app is most likely counterfeit.
- Check the name of the developer- This is also important but some malicious hackers can fool the users here too. Check the Developer’s name online and find if the authentic information is there in that website. You can also check their facebook and instagram profiles.
Learn about the legitimate Crypto apps
There are a few legitimate crypto apps that you can download and use, without worry. It is better you learn about these apps.
- Trezor Manager- The official app from Trezor using which you can manage the Trezor wallet from your device directly. It makes the need to use a laptop/desktop to use the wallet redundant. It has no iOS version. It is available for free download.
- Coinomi Wallet- A very popular crypto wallet, Coinomi Wallet is available for the android users. It has been downloaded many more times than Trezor manager. It supports the major crypto currencies. It is available for iOS and Android both.
- Ledger Live-It came on android later then iOS but the odd thing is the versions sport different features. It can be used to import your accounts, configure your device and verify its authenticity.
- Mycelium Bitcoin Wallet-This is an Open source wallet for android. It is used mostly by the Bitcoin users and support for other crypto currencies is scarce.
- Coinbase- Coinbase is another popular crypto wallet and exchange. It has limited crypto currency support and versions for both iOS and Android are available.