So far, the security researchers have been able to identify three of these fraudulent applications.
It was recently revealed that there are false Poloneix applications on the Google Play Store. So far, the security researchers have been able to identify three of these fraudulent applications. The applications have been used to falsely lead people to believe that they can be able to do trade the Poloneix Cryptocurrency.
Despite Poloneix not having an official application on the Google play store, someone might have unknowingly been misled to think that they do. Two of the applications which were found to be fraudulent went by the name “Poloneix” and “Poloneix Exchange.”
Before they were pulled down, the applications had already been downloaded by more than 5,500 people. The “Poloneix” was activate for almost three weeks and had been downloaded 5,000 times. On the other hand, the “Poloneix Exchange” was downloaded more than 500 times after being active on Google Play Store for just a few days.
The third application which goes by the name “Poloneix-Bitcoin/Digital Asset Exchange” was yet to be removed by the time this information was released. It has currently been downloaded by about 1,000 people.
How do these fraudulent applications work?
The ESETs News Site posted an article on IT Security that explained how the applications worked. Those who came up with these false apps just take advantage of the fact that cryptocurrency is increasingly becoming popular. In fact, it is considered as a high-value dollar asset. They use this against unsuspecting users who might be trying to trade cryptocurrency exchanges.
Once someone has downloaded the app, they would key in their identifications information. With that, the impostors would then access the users’ emails and change their passwords. They would then make outbound transactions which they would clear the evidence immediately after. ENET elaborated on just how dangerous this matter is.
By having the user’s credentials, they could change passwords thus denying the user access to their accounts. Those who looked into this matter have been unable to come up with the exact number of people who fell for this hoax.
In furtherance, the article explained the importance of enabling the 2- factor authentication (2FA). Poloneix said that the 2FA would protect user’s accounts from unauthorized access regardless of whether they have their credentials.