Bitcoin exchange apps: a risky affair !
All that glitters is not Gold. Keep this in mind while exchanging Bitcoins. Over 600 fraudulent Cryptocurrency apps exist on leading app stores.
RiskIQ analyzed 18,408 apps across 20 app stores (mostly Android based). It included Apple, Google Play, and few others. They proclaim that the app stores are hosting 661 blacklisted Bitcoin apps. These leave users open to hackers.
The most trusted app stores Google Play was found guilty of hosting more than 250 of these potentially dangerous apps.As per RiskIQ’s research 3 percent of blacklisted apps were titled Bitcoin exchange. 2.6 percent were titled Bitcoin wallet. 2.2 percent titled as Cryptocurrency.
Fraud Apps pose a threat on potential buyers.
The rise in unofficial and potentially malicious apps across multiple app stores will alarm potential investors looking to buy Bitcoins.
A Cybersecurity company recently inspected the 90 most popular Android cryptocurrency apps. Which have millions of downloads. Inspection revealed that 94% used outdated encryption. 66% didn’t use encryption at all. 44% used hard-coded passwords stored in plain text.
The open web can be a dangerous place for cryptocurrency users. Phishing, trojans, malicious apps have trapped even the savviest of bitcoin-holders.
Users need to be alert.
There’s an assumption that if a mobile app has thousands of downloads, it must be safe. This assumption is far away from the reality. A popular cryptocurrency exchange app Poloniex has duped thousands of users.
The average web user will surely think twice before downloading a suspicious app. But will rarely inspect if the app is the top result in an app store.
Don’t just glance at the app before hitting “Download”. Do a close inspection and search for typing errors that don’t seem right. Most fraudulent apps can be kept away by being alert.
Cryptocurrency holders may decide the safest bet is to reserve their trading for desktop. And keep their smart phone for price checks.
All i can say is Stay Safe and Think Before You Click.
