A fraudulent application has been doing the rounds on Apple’s App Store. It was an app posing as Trezor, the popular one hardware crypto wallet. The app has since been removed from the digital marketplace.
Fake Trezor app dupes hundreds of people
Rafael Yakobi, a renowned lawyer, drew public attention to a fraudulent app on June 20 through a message on Twitter. The fake Trezor app, surprisingly, appeared at the top of the search results when searching for “Trezor” in the App Store. Going by the seemingly innocuous name of ‘Trezor Wallet Suite’, the app cheats users by using their seed phrases to request a unique key for restoring their crypto wallet. The app was active for several weeks and is estimated to have misled hundreds of people during that time, highlighting the seriousness of such cybercrime.
Apple can’t stop scams
Although tech giant Apple has strict rules for approving apps, the security system sometimes proves to be insufficient to prevent malicious apps. These scams are an increasing problem, not only at Apple, but also at competitor Google. In an effort to combat this, the US government suffered for a year insisted on stricter controls on applications attempting to enter the digital marketplaces. This push is aimed at strengthening security protocols to ensure the safety of the users of these platforms, ensuring long-term consumer confidence.
Apple’s strict stance on crypto apps
Apple and crypto have been in the news more often in recent weeks. The Bitcoin (BTC) wallet ‘Zeus’, became turned down for inclusion in the App Store. According to Apple, the app violates guidelines by enabling digital transactions outside the store without the necessary licenses. Apple also threatened to remove the decentralized social media app Damus from the App Store unless the ‘zap feature’, which allows rewards in BTC for posts, is changed. According to Apple, digital transactions should only be made through in-app purchases.