That’s understandable, given that cybercriminals are becoming more sophisticated by the day. Here’s Binance’s guide to avoiding falling prey to crypto app scams.
Distinguishing between fake and secure Crypto apps
For crypto investors just starting (and even those who have been investing for some time), security is a key concern.
As the world’s largest cryptocurrency exchange in terms of volume, Binance is well aware of the duty it has towards users. Nadeem Anjarwalla Director for Binance in East and West Africa explains that stringent measures are taken to protect them – and their investments – against fraud; even so, there are many applications designed to mimic legitimate applications, such as Binance.
Identifying such applications is difficult, says Anjarwalla, because to the untrained eye, there is no difference between them and authentic apps. Every aspect, including the logo, the description of services (and the services themselves), and even the functionality and interface, has been so carefully designed that it can pass for the real thing. “Make no mistake: cybercriminals go to great lengths to ensure this is the case. Some even repackage source code from the official application to ensure an authentic-looking replication.”
So, how can you tell the difference? One of the first giveaways is the distribution of such apps. For instance, an investor wishing to download the Binance app may do so only from three sources: the Binance website (www.binance.com), the Apple app store or Google Play. In contrast, fake apps are disseminated through third-party or counterfeit app stores, or through social engineering via emails or SMS messages.
The Binance app has well over 50 million downloads on the Google Play store alone, for example,” Anjarwalla says. Then again, if a large number of downloads and reviews has been recorded on an app that has a recent release date, you should be suspicious. As Anjarwalla says, “A legitimate app, with a high number of reviews and downloads, will have been released several years ago.” Finally, make sure to check the app developer’s information, such as phone number, email address and website, before downloading the app.
Anjarwalla warns that downloading fake apps could have several implications, as they often contain ad bots, hostile content (such as hate speech), ransomware or spyware. They may also place you at risk for billing fraud, or they may use your phone as part of an attack to mine cryptocurrency.
If you are concerned that you have inadvertently downloaded a fake application, delete it immediately. Then restart your phone and report the incident to your app store.
Did you know: Binance recently announced the launch of its Web3 Wallet which aims to meet the demand for a simple, convenient, and secure way to experience the world of Web3. Binance’s Web3 Wallet is a self-custody crypto wallet built within the Binance app. With this latest launch, users now have access to a secure and streamlined method to swap thousands of tokens across various networks at the best prices, explore a variety of decentralised applications (dApps), quickly transfer funds between exchange and wallet, earn yield on their crypto and more, all in one secure wallet.
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