Lookout researchers have found that 172 Android apps have been scamming
users all over the world, with over $350,000 stolen from mobile users who
purchased the apps.
The scammers were claiming to offer cloud-based cryptocurrency mining, but in
reality, all they did was take subscriber's money and provide no service.
Lookout found that 25 of the programs were available on the Google Play Store,
and Google has since taken them down. Lookout investigators found that no
cryptocurrency was generated, and based on their analysis more than 93,000
people were scammed and at least $350,000 was stolen from paying users.
Not a single one of the apps performed any kind of legitimate cloud-based
cryptocurrency mining, meaning that users had been paying for a non-existent
service and being scammed out of thousands.
The apps ranged from $10.99 to $20.99 in the Play Store, and Google has since
removed them. However the apps are still circulating on third-party stores, and
thousands more mobile users are still under the threat of being scammed.
According to Lookout, Google's security vetting failed to detect these bogus
scam apps, which was most likely because they contained no malicious software
processes so they did not flag up. Lookout explained that the apps hardly do
anything at all, and are simply shells to collect money for services that don't
exist.
A few final words from Lookout, '“Take your time,
and if a deal is too good to be true, it probably isn’t real''.
More news to follow!