30s Summary

A fake app impersonating tech finance platform, Curve Finance, has appeared on the Apple App Store for the third time despite previous removals. Users have reported unauthorized transactions and disappearing funds, along with poor customer support. The scam was flagged by Babu Lal, co-founder of Indian cybersecurity firm Frautect, who has identified over 6,500 fraudulent apps. This issue indicates an increase in fake crypto-related apps and represents a growing security concern for Apple and Google. 

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A fake app that pretends to be the well-known tech finance tool, Curve Finance, is back on the scene on the Apple App Store. This is the third time it’s happened this year, causing headaches for somewhat gullible users who are being targeted again.

Despite Apple repeatedly removing the app due to red flags and warnings, it keeps finding its way back to the App Store. The fake app is winning over users and installing it onto their phones, leading to it ranking highly in various finance categories.

The sneaky app is designed to look like a legitimate piece of software for swapping online tokens and keeping tabs on your liquid assets. But it seems the app has actually led to various users experiencing financial loss and having worries about security based on reviews.

Babu Lal, who co-founded the cybersecurity company Frautect in India, flagged this scam app to Cointelegraph. Lal thinks this is a “global issue”, resulting in issues of trust, compliance nightmares, and even financial penalties for some people.

In essence, the fake app copies Curve Finance’s look and interface, and trumpets users will be able to “swap tokens and stake liquidity” to draw users in. But reviews from people using the app are revealing some unauthorized transactions and disappearing funds. There’s also issues with customer support not getting back to some users, with one person reporting that they had invested through the app, but the money just “disappeared without a trace.”

In order to warn others about potential pitfalls with the app, users have posted a ton of one-star reviews dominating the app’s ratings. Regardless of these warnings, the app is still available to download on the Apple App Store.

However, it’s not just the Curve Finance scam app to be concerned about. A wider trend appears to be taking place at the moment with an increasing number of fake crypto-related apps popping up on the Apple App Store and Google Play. These apps often pretend to be established and trusted brands.

Lal declared the world of web3 and cryptocurrency is still “so new and barely established” to the point that instances like these fake apps can discourage people and bring up questions about the sector’s legality. The co-founder of the cybersecurity company explained to Cointelegraph he had come across, reported and shut down over 6500 false apps — many in the finance bracket.

Despite the numerous user reports, expert warnings, and frequent take-downs, these dodgy apps keep returning, leaving plenty of users at the risk of being taken advantage of. Lal compared the situation to a “new method of operation” happening every day, with the problem spiraling out of control amidst the need for security improvements.

The constant reemergence of the fake Curve Finance apps and other scam apps on the Apple App Store and Google Play represents a growing need to provide users with stronger security measures and highlights a vulnerability that desperately needs to be tackled.