The FBI has warned that criminals are using fraudulent crypto investment apps to steal funds from investors.
According to a warning from the US Federal Bureau of Investigation (FBI), cybercriminals are creating fake cryptocurrency-themed apps to defraud investors in the virtual asset space.
So far, the US federal law enforcement agency estimates that cybercriminals have already successfully stolen approximately $42.7 million from 244 victims.
“The FBI has observed cybercriminals contacting U.S. investors, falsely claiming to offer legitimate crypto investment services and convincing investors to download fake mobile, which cybercriminals have used with increasing success over time to defraud their crypto investors,” the FBI said in an alert published on Monday.
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The service identified scammers operating under various company names, such as Yibit (between October 2021 and May 2022) and Supayos, or Supay (in November 2021).
They convinced multiple targets to install fake apps and deposit money into wallets that the attackers claimed were linked to the victims' app accounts.
Between December 22, 2021, and May 7, 2022, other cybercriminals impersonated a legitimate U.S. financial institution to defraud dozens of other victims of millions of dollars worth of crypto.
They used a similar tactic, tricking victims into installing a fake app and depositing crypto into wallets supposedly linked to the victims' accounts on the app.
See also: Harmony: $100 million worth of crypto stolen
The FBI has previously warned crypto owners about scammers targeting virtual assets by impersonating crypto exchange or payment platform support staff.
The FBI's Criminal Investigation Division and the Exchange Commission (SEC) also warned stock market investors in July 2021 about scammers impersonating registered investment professionals, such as brokers and advisors.
In today's alert, the FBI advised investors to always be wary of being prompted to install investment apps by unknown individuals, to verify that the company behind such apps is legitimate, and to be skeptical of apps with corrupted or limited functionality.
Crypto holders are also advised to enable multi-factor authentication (MFA) on all accounts , deny requests to use remote access applications, and always contact exchanges and payment companies using official phone numbers and email addresses.
You can find more about crypto scams and how to report them on the FTC website.
Source: bleepingcomputer.com
