Counterfeit Telegram and WhatsApp Applications – New Cyber Threats for Cryptocurrency Investors

03/20/2023 05:28 • NFT Newsflash • 150 views

On March 20th, ESET Research, a network security research company, discovered that criminals were using counterfeit Telegram and WhatsApp applications containing malicious software to attempt to steal cryptocurrency.

Security company: Counterfeit versions of WhatsApp and Telegram applications are attempting to steal cryptocurrency

Introduction

On March 20th, network security research company ESET Research uncovered a new cyber threat that should put cryptocurrency investors on guard. According to the research, criminals have started using counterfeit Telegram and WhatsApp applications as a means of stealing cryptocurrency. The bogus applications contain malicious software aimed at gaining access to investors’ digital wallets, with potentially devastating consequences.

What is a counterfeit application?

A counterfeit application is a fake version of a legitimate app designed to look and feel like the real thing. Fraudsters create counterfeit applications for various purposes, including harvesting personal data or financial information from the user or delivering malicious payloads to the device. In this case, criminals have created counterfeit Telegram and WhatsApp apps with the aim of stealing cryptocurrency from unsuspecting investors.

How do counterfeit applications work?

Counterfeit applications work by tricking the user into believing that the app is legitimate. In the case of counterfeit Telegram and WhatsApp apps, Cybercriminals have gone to great lengths to ensure the app looks as close to the legitimate app as possible. Once downloaded, the counterfeit app operates as a completely normal app: it sends and receives messages, media, and files just like the real thing. But, in the background, the app is collecting the user’s data and transmitting it back to the fraudsters.

The modus operandi of the attackers

The attackers’ modus operandi is to trick cryptocurrency investors into downloading the counterfeit Telegram or WhatsApp application. The fake app looks and feels the same as the real one, meaning that the user has no reason to suspect that anything is amiss. Once downloaded, the counterfeit app requests access to the user’s digital wallet. The app then proceeds to steal credentials and access data from the user’s digital wallet, which can then be used by the attackers to steal cryptocurrency.

How can cryptocurrency investors protect themselves?

Investors must be vigilant when it comes to downloading applications. To avoid falling victim to counterfeit Telegram and WhatsApp applications, they should only download applications from legitimate sources, such as the Apple App Store or the Google Play Store. If an app seems suspicious, investors should avoid it altogether or check with the official app developers to ensure that the app is legitimate. Additionally, digital wallet users should employ strong passwords and two-factor authentication to help prevent unauthorized access.

Conclusion

The news of counterfeit Telegram and WhatsApp applications is worrying, as the move is likely to escalate the number of cryptocurrency thefts. However, vigilance can help prevent investors from falling victim to the scam. By being conscious of what they download and where they download it, cryptocurrency investors can help protect themselves from the risks posed by counterfeit applications.

FAQs

1. How can I differentiate between a legitimate and counterfeit app?
Ans: Legitimate apps are available from trusted sources like Apple and Google’s app stores. Counterfeit apps are available from other sources and are usually disguised as the real thing.
2. Can two-factor authentication help protect cryptocurrency wallets from theft?
Ans: Yes, two-factor authentication adds an extra layer of security to digital wallets, making it harder for cybercriminals to gain unauthorized access.
3. What should I do if I think my wallet has been compromised?
Ans: If you suspect your digital wallet has been compromised, immediately inform your wallet provider and contact the authorities. Changing passwords and two-factor authentication credentials is also recommended.

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