In some cases, the schemes to distribute these applications leveraged social engineering through dating sites to lure in victims, and websites designed to look like those belonging to legitimate companies. These fraudulent applications are aimed at exploiting the increased interest in trading apps, driven by the recent significant rise in the value of cryptocurrencies and interest in low-cost or free stock trading driven by stories like that of the recent social-media driven speculation in GameStop stock. As we investigated, we uncovered several other counterfeit versions of popular cryptocurrency trading, stock trading and banking apps on iOS and Android, all designed to steal from those fooled into using them. Recently, we were tipped off to a fraudulent mobile trading application that masqueraded as one tied to a well-known Asia-based trading company.
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