Beware of Fake Cryptocurrency Wallets!

In May 2019, the Bitcoin price climbed to the highest levels seen since September 2018. Therefore, it was not surprising that cybercriminals quickly saw this rise and started to target cryptocurrency users with various scams and malicious applications.

While analyzing cryptocurrency wallets on Google Play, ESET researchers found that the popular cryptocurrency wallet application 'Trezor' was imitated. In the analysis, another fraudulent application called 'Coin Wallet' was also found in connection with Trezor.

ESET researcher Lukas Stefanko, who conducted the review, shared the following information about the fake applications: "During our analysis, when we typed and searched for Trezor on Google Play, the fake application appeared as the second result, right after the official application of Trezor. The fake application page, which appeared to be a mobile wallet for Trezor, seemed trustworthy at first glance. We had never seen malware that abused the Trezor brand before and we were curious about the capabilities of such a fake application. As a result of our review, considering the multiple security layers of the original Trezor, its users "We believe there will be no harm to crypto savings, but the fake app appears to have been used for phishing purposes targeting account information."

The purpose is to deceive

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 their cryptocurrencies to attackers' wallets. This is a classic case that we called 'wallet address spoof' in our previous research."

How to stay safe?

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

• Only trust cryptocurrency-related apps or finance apps that are directed from the official website of the service.
• Only enter sensitive information into online forms that you are sure are secure and legitimate
• Keep your device updated.
• Use a reputable mobile security solution to block and remove threats. ESET Mobile Security provides protection against these threats as an up-to-date and proactive security software.

Apps removed

ESET reported the fake Trezor app to both Google's security teams and Trezor. Trezor confirmed that the fake app poses no direct threat to its users. But they expressed concern that email addresses collected through fake apps like this could later be misused for phishing campaigns against Trezor users. Fake Trezor and Coin Wallet apps are no longer available on Google Play.

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