Uninstall Immediately: Malicious Apps Infesting Your iOS, iPadOS, and Android Devices

Fake Trading Apps: The Rise of "Pig Butchering" Scams

Dangerous fake trading apps have been discovered in the App Store for iOS and Google Play Store for Android, preying on unsuspecting users with a scam known as "pig butchering." These apps have already been removed from their respective app storefronts, but not before they were installed thousands of times. According to cybersecurity company Group-IB, the latest scam was uncovered in May.

How the Scam Works

Pig butchering is a sophisticated scam that convinces users they’re generating high returns on their investments using a fake trading platform. Social engineering is used to trick victims into sending more money to the scammers, while manipulating them into believing they’re making a profit. The scam relies on fake information, such as bogus returns, to deceive users into thinking they’re successful investors.

The Fake Apps

The fake apps, including SBI-INT (iOS), Finans Insights (Android), and Finans Trader6 (Android), have been identified as part of the UniShadowTrade malware category. These apps have been downloaded over 5,000 times and can pretend to be legitimate cryptocurrency and trading apps, leading victims to send money to what they believe is a legitimate platform.

Removing the Scams

Even though the apps have been removed from the App Store and Play Store, if you installed them on your device, they are still there. If you have any of these apps on your phone or tablet, uninstall them immediately.

Protecting Yourself

To avoid falling victim to these scams, make sure to trade with a legitimate platform. Check if the business has a physical address and is registered to trade stocks, options, futures, and foreign exchange. Avoid trading with platforms that only handle cryptocurrency transactions. Legitimate platforms include Robinhood, Webull, Charles Schwab, and E*Trade. Additionally, check the comments section for each app and look for red flags.

Image Credit

Fake trading platforms created to steal money from investors. | Image credit-group-IB – If any of these apps are on your iOS, iPadOS, or Android devices, remove them now

Fake trading terminal which is part of a bogus trading app. | Image credit-group-IB – If any of these apps are on your iOS, iPadOS, or Android devices, remove them now