Beware of Fake Cryptocurrency Wallets!

In May 2019, the Bitcoin price climbed to the highest levels seen since September 2018. Therefore, it is not surprising that cybercriminals quickly saw the rise in question and turned to target cryptocurrency users with various deceptions and harmful applications.

While analyzing cryptocurrency wallets on Google Play, ESET researchers found that the popular cryptocurrency wallet app Trezor was being faked. Another fraudulent app called ‘Coin Wallet’ was also found in the analysis in connection with Trezor.

ESET researcher Lukas Stefanko, who conducted the review, shared the following information about fake apps: “During our analysis, when we typed and searched Trezor on Google Play, the fake app came up as the second result right after Trezor’s official app. The fake app page for Trezor, which looked like a mobile wallet, looked credible at first glance. We had never seen malware abusing the Trezor brand before, and we were curious about the capabilities of such a rogue app. Given the multiple layers of security of the original Trezor from our review, we believe that no harm will come to its users’ crypto savings. However, the fake app appears to have been used for phishing targeting account information.”

The goal is to deceive users.

Lukas Stefanko continued his findings as follows: “The application claims that it allows its users to create wallets for various cryptocurrencies. However, its main purpose is to trick users into transferring cryptocurrencies to attackers’ wallets. This is a classic case of what we called “wallet address scam” in our previous research.”

How to stay safe?

Stefanko shared a few tips on how to stay safe with online cryptocurrencies:

  • Trust only cryptocurrency-related apps or finance apps that are referred from the service’s official website.
  • Only enter your sensitive information on online forms that you are sure of their security and legitimacy.
  • Keep your device up to date.
  • Use a reputable mobile security solution to block and remove threats. ESET Mobile Security protects against these threats as up-to-date and proactive security software.

Apps removed

ESET reported the fake Trezor app to both Google’s security teams and Trezor. Trezor has confirmed that the fake app does not pose a direct threat to its users. However, they did raise concerns that email addresses collected through fake apps like this one could later be misused for phishing campaigns against Trezor users. Fake Trezor and Coin Wallet apps are no longer available on Google Play.

You can find the full article published by ESET at the link here.

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