Apple Inc. proudly pushes ‘Privacy and Security’ as the foundation of its iOS ecosystem. However, the Apple App Store is strewn with multiple fake and dangerous apps that steal user data and even drain funds, proves a new case.
Apple App Store is not the secure heaven that the iPhone maker promises indicates yet another case. This time, an app that resembled a legitimate company reportedly stole Bitcoin from an unsuspecting user.
Apple App Store has fake or scam apps masquerading as legitimate services and companies?
Apple Store review team accepted an app that scammers meticulously designed to seem like a genuine app. An unsuspecting user who downloaded the app, claims it stole or drained his bitcoin account.
Phillipe Christodoulou claims a scam app stole 17.1 Bitcoin or slightly more than $600,000. Concerningly, he downloaded the app from the Apple App Store.
— Kenny Bolton (@KennyBolton342) March 30, 2021
According to Christodoulou, he searched for “Trezor,” the company that makes the hardware device where he stored his cryptocurrency. An app appeared that had the Trezor padlock logo and green background.
Not suspecting foul play and obviously trusting Apple App Store’s seemingly strict app monitoring, review, and approval process, he downloaded the same and entered his credentials.
Needless to mention, the true Trezor company did not make the app. The scam app reportedly stole all the Bitcoin and drained the victim’s account.
App Stores admit scam apps owing to a security loophole called ‘Bait and Switch’?
The rising number of fake or scam apps on the Apple App Store is quite concerning. This is especially worrying because Apple Inc. claims it reviews all App Store submissions.
Simply put, iOS running Apple iPhone users remain assured that Apple Inc. won’t let scammers and fraudsters run amok in the Apple App Store. However, this is clearly not the case.
According to multiple reports, there are plenty of scam and copycat apps, like the fake Trezor app, that manage to slip inside the walled Eden of the iPhone App Store. Incidentally, Apple Inc. is well aware of the problem.
Bitcoin Scam App Approved by Apple Robs iPhone User of $600,000+
— CryptoElite v2.9 (@_CryptoElite) March 30, 2021
Apple has claimed that the fake Trezor app got through the App Store through “a bait-and-switch” tactic. The app had all the visuals of the original Trezor company. However, the makers claimed the app was meant for “cryptography”
This simply means the scammers claimed their app would encrypt iPhone files and store passwords. They added that their creation was “not involved in any cryptocurrency.”
However, once all the formalities were completed and the fake Trezor app was submitted, scammers changed the app into a cryptocurrency wallet. Apple Inc. reportedly failed to detect this ‘bait and switch’ tactic.
He believed Apple’s App Store was safe. Then a fake app stole his life savings in bitcoin. https://t.co/uVNadj8tBx
— The Washington Post (@washingtonpost) March 30, 2021
Apple Inc. claims it routinely combs through the App Store and weeds out fake or scam apps. The company, however, does not reveal the process of discovery and elimination.
Apple did acknowledge that it removed about 6,500 apps because they contained “hidden or undocumented features”. Moreover, the company indicated it was aware of other cryptocurrency scams on the App Store.
Apple claims it has taken action against the fake Trezor app. What this means is that the company has merely taken down the app and banned the developers who submitted the same.