Fake cryptocurrency mining app on Android: Everything you need to know

Mining virtual money is the main trend of making money during the pandemic. However, be careful with the fancy advertisements of virtual money mining apps on the Play Store .

Everything you need to know about fake cryptocurrency mining apps on Android

• Fake virtual currency mining app on Android
• How fake virtual money mining apps work
• Types of fake cryptocurrency mining apps
• How to stay safe from fake cryptocurrency mining apps on Android

Fake virtual currency mining app on Android

Scammers began creating fake virtual currency mining apps on Android, targeting the current virtual currency mining "fever". They are available to all users, even many apps are still undiscovered on the Play Store.

Furthermore, some applications are also released in paid form to increase reliability. Although Google has successfully removed a number of dangerous apps, many people are still skeptical about the safety of the Play Store.

Unlike most other malicious apps, cryptocurrency mining apps do not need to perform suspicious activities. They focus on luring users into paying in some form that looks legitimate but in reality, you get nothing in return.

How fake virtual money mining apps work

First, they introduce a cloud mining service, promising you convenience and ease of profiting when you opt in. You do not have to invest in hardware for your computer to be capable of mining virtual currency. Sounds interesting, right?

Although virtual currency mining in the cloud is not an illegal service, it is not currently a successful business model. Such services are super limited. Therefore, fake apps that claim to connect you to a cloud mining service are not viable.

When you install a fake app and register it, you might want to see a table showing the hash rate for mining. Usually, the hash rate is low and initially unprofitable. Therefore, the app will prompt you to upgrade your hardware to cloud computing to improve hash speed and get better rewards.

In some cases, these virtual currency mining apps also offer an accompanying registration service that promises more valuable rewards.

Types of fake cryptocurrency mining apps

According to the initial report done by Lookout security, they classified these applications into BitScam and CloudScam.

• Payments take place via in-app purchases on Google Play to trick users into thinking everything is legal. Basically, they are performed on CloudScam apps.
• As for the BitScam app, they support payment in Bitcoin and Ethereum. This is the only difference between the two forms of fraud.

How to stay safe from fake cryptocurrency mining apps on Android

Here are some tips to help you avoid downloading fake cryptocurrency mining apps on Android:

• Read app reviews, not just related comments but also recent ones.
• Make sure the developer has a good reputation and good reviews.
• Although some apps pass the Play Store's safety checks, you should still download the app on the official Android Store.
• Keep an eye on the permissions and settings requested by the app.
• Carefully read the terms and user agreement. A fake app cannot have detailed, reasonable content for these usage conditions.

Fake cryptocurrency mining apps are becoming increasingly popular, but they are still relatively new. They can grow and look promising in the future. But don't be fooled! Remember to always be cautious before any app downloaded to your smartphone.