Beware! Fake JioCoin applications are flooding Google Play store
Found a JioCoin app on Google Play Store? Don’t download it.
Shortly after reports of Reliance Jio launching a new cryptocurrency called JioCoin, Google Play store has been flooded with fake JioCoin applications.
More than two dozen applications impersonating JioCoin are available on Google Play store. The top result on searching "JioCoin" is an application called "Jio Coin" that uses a logo similar to Reliance Jio's and has Reliance Digital in its description. The app asks permissions such as the ability to access your photos and access to full network.
Fortunately, the app has just 2.7 ratings and has users comments revealing it's a fake application. The worrisome news is that a large number of people have already installed it. Though a smaller number as compared to popular applications, combining install bases of all fake JioCoin applications, the numbers could be a lot higher than the current figure which is believed to be between ten thousand and 50 thousand.
Another application called Jio coin Buy and Sell promises to provide information on "How To Buy Jio Coin, Price, JIO Coin ICO." The app, however, has four ratings and install base of 1,000 - 5,000.
While it is pretty much clear that these applications are trying to feed on the buzz around JioCoin, users should be beware of such malicious applications that can inject malware or adware on the phone, and even have potential to covertly access a user's personal content. For now, there's no official Reliance Jio application for JioCoin.
Ironically, Google just published a blog on its efforts to purge fake and malicious applications, especially those impersonating popular applications. Play Store, the largest mobile application store in the world, faces a huge problem of fake and malicious applications.
While Google claims to have taken down over 700,000 malicious applications, a quick search on Play Store reveals the app store is still swarmed with many such applications.
Cryptocurrency itself has become a big target for cybercriminals especially after Bitcoin valuations hit all-time high a couple of months ago. A hacker recently stole more than $150,000 worth of Ethereum by faking cryptocurrency pre-sale. The hacker reportedly tricked people to join a cryptocurrency Initial Coin Offering (ICO) pre-sale and guided their payments to a fraudulent wallet address.