Fake iPhone apps used to steal millions of cryptocurrency

One of the most tried and true tactics to lure people into a scam is to promise victims “insider” access to financial riches that ordinary people can’t get. This is how Wall Street financier Bernie Madoff signed thousands of investors enthusiastic about his incredibly incredible Ponzi scheme. It is now being used by scammers who promise their victims huge profits if they only install and use “private” smartphone apps meant only for insiders.

The scam is called “CryptoRom” and it has been around for a few months now. As described by Sophos Labs researcher Jagadeesh Chandraiah yesterday (March 16), it’s a trio of malice, combining romance tricks, cryptocurrency hoaxes, and malicious Android and iPhone apps — the latter usually quite rare.