As Bitcoin and the cryptocurrency markets grab the attention of the wider public, fraudsters will try to take advantage of newcomers’ inexperience.

These frauds and scams come in many forms, but there seems to be a major uptick lately in fake crypto wallets and applications.

Researchers at ESET have noted that fraudsters have added a fake cryptocurrency wallet to the Google Play store. One malicious app, in particular, imitates the Trezor hardware wallet.

Fake Trezor Crypto Wallets

While the page on Google Play looked similar to the official one, the researchers said the software itself is an app template that can be acquired online with a generic login screen phishing for credentials. The Trezor imitation is a copy of another fake wallet, called CoinWallet.

According to ESET, more than 1,000 users have already downloaded the fake Trezor app. The app claims to be a wallet for storing, sending, and receiving cryptocurrencies, while it only has the capabilities of transferring the funds to addresses owned by the scammers.

No Security Risks for Trezor

Trezor confirmed that the fake app does not pose any security risks to its own users. The sole concern that remains is that users might have had their e-mail addresses collected and could be the targets for phishing attacks.

Google Play has since removed the app from its marketplace. The researchers believe that with the increase in cryptocurrency prices, scamming attempts will only intensify.

The researchers urge cryptocurrency users to pay attention to the apps they install. In case of doubt, it’s advised to use links from official websites only. Other security measures that users can undertake is keeping their device updated and be mindful about apps that require users’ sensitive information.

Keep your digital assets safe! If you know of other scam attempts, you can share them with us in the comments!