The year 2021 has been huge for cryptocurrencies. Despite all the ups and downs, the Bitcoin is still worth more than $32,000 a coin. And not just Bitcoin, most other cryptocurrencies too have seen a huge jump in their prices this year. This has resulted in a flood of crypto apps, both on app stores and third-party apps. However, many of these apps are scams. Security firm Lookout recently released a detailed report about malicious crypto-mining apps. The researchers identified more than 170 Android apps that claim to provide cryptocurrency mining services for a fee but are actually a scam. Out of these 170, 25 apps were on Google Play Store. Google has removed them, but before that these apps managed to defraud many. Overall, these apps have stolen $350,000 from users so far. So it is important to make sure that the crypto app that you are using or plan to download is not a scam. Here are 6 ways to check the same.
Check the permissions that the app requires
Understand the permissions that the app is asking for. You must check if the app asking for permissions that it really doesn’t need to function properly. Also, look for red flags in the app’s activities.
Does the app crash or reset too frequently
Is the app too unstable, keeps crashing or resetting? Does the cryptocurrency balance get reset abruptly, do the displayed numbers make sense, if not this is a red sign.
Know the developers of the app
It is very important for you to know about the developers of the app you are downloading. Find out what certificates or credentials they have and which other apps that have built. Check if the company has a website and also if you will be able to contact them in case of outage or any other issue with your account.
Never download from a third-party app store or APK files
Always install apps from official app stores, Google Play or Apple App Store. While scams are hard to spot, downloading from an official store reduces your risk of downloading malware.
Read the terms and conditions
Go through the terms and conditions of the app. Most of the scam apps either have fake information or do not have have any terms available.
Read user reviews
Read users’ reviews of the app. The experience of other users with the app can go a long way in identifying fake apps.