London, UK, 4 Sep 2021, ZEXPRWIRE – Many traders today believe that the investors who decide to stay away from the crypto world are missing out on a lot. It is right that the new currency has taken over the world in a short time and now discussions have begun if the digital tokens will be able to take over the fiat money soon. This remains an issue that needs to be left on time because both currencies have their own pros and cons and most of them are too significant to be ignored. FinancialCentre Broker Troy Deloitte says that he can see the human race approaching a time where crypto will become omnipresent and this wide use will not come alone. He firmly believes that the unregulated nature of the currency makes it imperative that with the growth in popularity of tokens, the crime rate will rise too.
Rising Crypto Scams
The recent happenings and news reports suggest something similar. It has been noticed that ever since crypto has become the talk of the town, an increasing number of people are being trapped by fake companies that continue to operate in the area.
Today, there are multiple ways that innocent users are being trapped without them realizing it. Mr Deloitte says that the government regulatory authorities are to be held accountable in this regard but they cannot be solely blamed for the sharp increase in the crypto crime rate. “If crypto traders and exchangers decide to take the lead and make sure that all their steps and moves are well researched and well informed then they can cut down the chances of being scammed to a large extent.”
It is rather unfortunate that people today continue relying on inaccurate and untrustworthy sources of information without evaluating and accessing the dangers associated. Mr Deloitte is right to say that had it been the other way round, the situation would have been so much better for the young lot of traders who are not sharp enough to spot and avoid criminals.
Over the years the imposters have developed to an extent that it becomes hard for huge companies like Google to spot them. These firms and individuals function in a way that they can only be flagged as scams once many traders have been looted. These companies have devised several ways to act such as pump and dump schemes, providing users with manipulated data, allowing the trade of currencies that are less developed and do not have access to the blockchain, promising huge returns on investments, complicated withdrawal procedures and a lot more.
Since October 2020, a sharp rise in scams have been reported. More than 7000 people have reported losses that were worth more than 80 million US dollars. These figures are 12 times more than what they were a year earlier. All of this reflects that not only the individuals but the financial giants who are linked to crypto in any way need to take immediate measures to combat the rising rates because only then it will be possible to chain the goons.
Google Makes The Move
Keeping all this situation in front Google has taken down a total of 8 apps from the Google Play store. These all were reported to be “misleading” by the users. This action was taken after a security company named “Trend Micro” presented its findings which said that these apps were fraudulent and had been designed with the sole purpose of misleading customers. Below are the names of these fraudulent companies that are removed now.
- Bitcoin (BTC)
- Bitcoin 2021
- Crypto Holic
- Daily Bitcoin Records
- Bitcoin Miner
All these apps were basically mining apps that required a service fee before they could be downloaded and used. Users kept paying for the services while they did not mine any coins. It has also been reported that they claimed to be involved in cloud mining while they were not associated with any such kind of operations. These apps were forcing users to watch ads and pay a total of 15 US dollars a month. The more a user paid for buying a crypto rig, the more rewards they earned.
There’s More To It
While traders all around the globe were finally ready to take a sigh of relief, it was revealed that despite the removal of these 8 apps, we still have more than 120 apps downloadable from the Playstore that work along the same lines and unfortunately, hundreds and thousands of users are still downloading them every day. The report revealed that such companies have managed to loot and affect more than 45,00 users in a period of one year (July 2020 to July 2021). Mr Deloitte says that one way to spot any such app is to look for the 1 Star reviews and see what the unsatisfied users say about the firm. He further added that the 5 Star reviews are usually paid and unauthentic.
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