Who wouldn’t like their own private goldmine? You dig when you feel like it and occasionally pull out a sizable nugget.
Fake Android apps are offering a similar deal. It’s not an exact parallel but the apps claim to mine for cryptocurrencies.
It’s a strong hook for potential users but it’s a fraud. The apps claim to mine for the following cryptocurrencies:
- Ripple (XRP)
- Cardano (ADA)
The only issue is that these currencies aren’t obtained by mining. They are new currencies largely based on blockchain technologies and created to facilitate transactions between financial exchanges.
Fraudsters banking on ignorance
The fraudsters are in fact using the apps to display ads on a user’s device which subsequently makes them money:
- By enticing users through the promise of cryptocurrency the fraudster are hoping users will keep the app on their device.
- When running, the app displays hash speeds as the number of supposedly mined coins slowly increases. This tricks users into thinking the app is actually generating coins. The hash speed is the rate at which the coin generation process is running.
- When a user attempts to withdraw what appear to be their earnings into a digital wallet, the app is programmed to display an error message instructing them to check their wallet address.
If you are running one of these apps, or are tempted to run one, keep in mind the only purpose of these apps is to display ads and collect revenue