Thousands of downloads in the App Store: Researchers urgently warn against fake trading apps

Researchers at cybersecurity firm Group-IB have revealed that Fraudulent trading apps on Google Play and the App Store fall victim to so-called “pig butchering” scams lock out. These apps have now been removed from the official Android and iOS stores after garnering several thousand downloads.

Bleeping Computer reports that the fraudulent apps trick victims into believing achieve high investment returns on fake trading platforms. The scammers manipulate the displayed information to trick victims into continuing to deposit money and prevent them from withdrawing the supposed winnings. Pig butchering is discovered when victims attempt to withdraw their money, which has already been transferred to the scammers’ accounts.

Loud Group-IB The affected apps belong to the “UniShadowTrade” malware family and were developed using the UniApp framework. They were released under the names SBI-INT (iOS), Finans Insights (Android) and Finans Trader6 (Android) and Downloaded a total of 5,000 times. The researchers warn that the UniShadowTrade apps can mimic a variety of legitimate crypto and trading platforms.

Fraudsters are looking for new ways to find victims

The apps on iOS were disguised as tools for “algebraic mathematical formulas and 3D graphics for calculating volume areas” and on Android as financial news aggregators. Once installed, they redirected victims to fake trading platforms that were only accessible via invitation codes.

Group-IB researchers explain that the scammers are their victims via dating apps manipulated and social engineering techniques to gain their trust. The apps also asked users to Upload multiple personal documentswhich made the investment process appear more credible and gave fraudsters more opportunities to steal useful information.

Although the fraudulent apps have been removed from app stores, the perpetrators have shifted their distribution to phishing websites. To protect yourself from such scams, we experts recommend conducting thorough research before engaging with investment platforms. Users should be wary of unsolicited messages and URLs that promise high returns on investment.