Bitcoin miners beware of Android cryptocurrency scams, report says

CareerBuilder CEO Irina Novoselsky suggests people are finding a ‘side hustle’ in cryptocurrency trading, which is keeping them from returning to work.

Security researchers have identified over 170 Android apps scamming cryptocurrency miners.

The apps have been designed solely to steal money from people who mine cryptocurrencies, said security researchers at Lookout Threat Lab, a cloud security company. 

The apps scammed more than 93,000 people and stole at least $350,000 between users paying for apps and buying additional fake upgrades and services, the researchers said, who classified apps into two families that they dubbed “BitScam” and “CloudScam.”

Security researchers have identified over 170 Android apps scamming cryptocurrency miners. (iStock)

“What enabled [these apps] to fly under the radar is that they don’t do anything actually malicious. In fact, they hardly do anything at all. They are simply shells to collect money for services…

Read more…