Cryptocurrencies have exploded into popularity in recent times, with even mainstream investors looking to get in on the action.
Given the massive rates of return on investment, this should come as no surprise to anyone.
However, all of this has not come for free.
The decentralized and unregulated nature of cryptocurrencies has resulted in several complications, with the colossal spike in cybercrime being one of them.
In fact, hot wallets and crypto exchanges present criminals with an easier, less risky, and overall more profitable method of stealing funds.
All this is due to the high crypto valuations and the lack of regulations regarding cybersecurity.
In fact, in 2021 alone, scammers were able to make off with a whopping $14 billion in stolen crypto. And as cryptocurrencies become more accepted, we can only expect cybercrime to rise accordingly.
Scammers are still finding ways to trick victims into handing over their hard-earned cryptos, even with more sophisticated security methods like thumbprints and two-factor authentication. And their latest plan of attack is through the use of fake crypto wallet apps.
These fake apps trick victims into sending crypto payments to fake wallet addresses and then pocketing the proceeds before disappearing. Given the fast and loose nature of the crypto industry, recovering these proceeds is nearly impossible, and the victims are often left with nothing.
While iOS users have had their fair share of fraudulent crypto wallets, this problem is much more prevalent on Android OSs.
This is probably due to Android’s open-source code and Google Play’s lack of quality control. There are plenty of reputable crypto wallet apps for Android that you can trust, like the ones in this article: blog.tezro.com/best-crypto-wallet-for-android/
Unfortunately, there are also the opposite, and those are the ones we will talk about today. Having researched these fake wallet apps, we’ve managed to identify 8 fake Android crypto wallet apps that you need to avoid at all costs.
Avoid these 8 Android crypto wallet apps
- Fast Bitcoin Wallet
- Blockchain Bitcoin Wallet – Fingerprint
- Tron Wallet
- Neo Wallet
- 42 Coin Wallet
- Zcash Wallet
- Ethereum Wallet
- Samourai Wallet
How to avoid fake crypto wallet apps
Scammers are constantly searching for new ways to trick their victims, and with fake wallet apps continually appearing on the market – it is impossible to list them all.
So, here are a few rules of thumb that will help you protect yourself from scammers:
- Beware of fake reviews
To gain the confidence of potential victims, scammers may sometimes bombard a fraudulent crypto wallet app with fake positive reviews.
If you come across a relatively new app that is suddenly inundated with 5-star reviews praising the app, then you should be extra careful. Also, always pay attention to what the users who left 1-star reviews have to say.
- Do your own research
The best way for anyone to keep themselves safe is by being aware of the risk posed by fake wallets. And this means visiting forums and crypto news sites to see what people are saying about a particular wallet.
Usually, sites like Coindesk, CoinTelegraph, Coinspace, and even Reddit will have invaluable information on a particular crypto wallet. If you can’t find any info on a wallet, then you’re probably better off ignoring it.
- Only keep to reputable names
From Binance to Gemini and Crypto.com, plenty of reputable exchanges also offer crypto wallet services. Besides being free-to-use, these wallets are backed by trustworthy exchanges, making them a lot safer.
Crypto exchanges such as Gemini are regulated by the New York Department of Financial Services. Thus, this means that they are subject to regular cybersecurity audits – while not bulletproof, this gives users an additional layer of protection.
As cryptocurrencies become more popular, investors and enthusiasts alike will need to take measures to protect themselves.
So, this can only be done through good security practices and awareness.