When Investment Phone Apps are Phony

Investing can be a great way to secure your financial future, but what happens when what you think is an easy way to make money turns out to be a downright scam? Today, let’s look at the world of phony investment apps.

With how advanced technology and cyber schemers have become, it should be no surprise that thieves have been able to create fake investment apps aimed at stealing your hard-earned money. Unfortunately, hundreds of iOS and Android apps that rip off users have already been found, and new ones are popping up every day. The apps imitate popular trading and banking apps such as Barclays, Binance, Bittrex, and BitFlyer. Some even have logos and point to fake websites to help create legitimacy.

With the ease and widespread use of the internet, scammers can target a limitless number of people with each scheme. And, if their app gets removed or shut down, they can simply create a new one. Unfortunately, it’s that simple.

Even official app stores—who regularly monitor, flag, and remove malicious content—have been infiltrated. Scammers have been known to abuse a process intended to help developers test their apps before submitting them to the official store.

So, what happens when you invest via a phony app? Unfortunately, some or all of your money may be sent directly to the scammers, never to be seen again.

What can you do?

• Even though there have been instances of scammers infiltrating official app stores in the past, they are still the most regulated and the very best place to download any mobile apps.
• Check to see what permissions an app asks you for before downloading. For example, why would an investment app need access to your microphone, photos, or camera?
• Do not accept unsolicited investment advice from strangers, especially those who contact you out of the blue.
• If something seems too good to be true, it likely is. No one should be promising or guaranteeing returns on an investment.
• Consider investing with a professional broker or advisor, especially if you are a beginner.
• If you have been the victim of fraud or theft, contact an investor rights attorney to help you determine whether or not you have a case.