Google play store, home to millions of mobile android devices applications, has successfully delisted eight fraudulent applications from its platform.
This was contained in a report released by Trend Micro which stated that these crypto-related apps were fraudulently charging cloud mining service fees from unsuspecting crypto enthusiasts.
According to the Trend Micro report, many of these fraudulent applications exist in abundance and have been used by criminal elements to swindle unsuspecting individuals with high success rates.
The report stated that the banned crypto applications lied about being a crypto mining firm and that they were charging their users a fee for a non-existence cloud mining services. The applications also tricked their users into watching paid ads on the application.
Aside from the monthly charges of around $15 they pay, they also subject their users to pay an additional fee for increased mining capabilities called “hash rate,” with some of them even requiring upfront payments from these users.
Among the fraudulent apps discovered by Trend Micro are BitFunds, Bitcoin Miner, Daily Bitcoin Rewards, Crypto Holic, MineBit Pro, Bitcoin 2021, Ethereum — Pool Mining Cloud, and Bitcoin — Pool Mining Cloud Wallet. The report also continued that there are still as many as 120 fraudulent crypto apps on the Google Play store platform.
You will recall that Google, in its bid to curb crypto scams, recently reviewed its ad policy. The firm required that crypto advertisers must ensure that they are licensed by the Financial Crimes Enforcement Network as a “money services business.”