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The US Federal Bureau of Investigation (FBI), via the IC3 (Internet Crime Complaint Center) platform, recently issued an official warning to US citizens about the risks of using foreign mobile apps, primarily those made in China, and the danger of financial fraud linked to digital assets.
In US practice, this type of document is known as a Public Service Announcement (PSA) and it addresses the potential access to users’ private information by Chinese state agencies. After all, many popular apps featured in the ‘Top Most Downloaded Apps in the US’ collaborate with companies linked to China’s state-run digital infrastructure. China’s national security laws oblige such companies to hand over user data to secret, state and financial authorities. Cryptocurrency, private information and bank accounts are increasingly becoming prime targets for cybercriminals.
Key points of the FBI warning
• Access to contacts reveals information not only about the phone owner but also about their social circle and online activities.
• User data may be stored on servers in China.
• Apps collect data in the background.
• Some apps may contain hidden malicious code or spyware.
• The information obtained (stolen) is potentially used in cyber espionage operations and financial fraud.
The modern smartphone has become a ‘digital safe’, storing banking apps, crypto wallets, exchange addresses, seed phrases, documents and passwords. And any mobile app with access to the contact list, email, SMS messages, files, camera or microphone is highly likely to become a tool for spying on the owner, hacking and stealing funds or cryptocurrency.
In reality, financial crimes are increasingly rarely initiated by complex hacking attacks involving sophisticated tactics. In the vast majority of cases, installing a ‘free’ app or purchasing a ‘cheap’ cold crypto wallet is sufficient to steal funds or information.
Currently, a separate category of significant threats is posed by fake crypto wallets – even official app stores occasionally let through fake services that masquerade as well-known crypto brands, exchanges and funds, and steal users’ passwords.
FBI recommendations
• enable two-factor authentication;
• change passwords regularly;
• download apps only from official app stores;
• keep your smartphone’s operating system up to date;
• regularly check app permissions;
• disable access to geolocation, contacts and the microphone when not needed;
• Use a separate device for cryptocurrency transactions;
• Do not store recovery phrases in your smartphone’s notes.
International intelligence agencies, including the FBI, NSA and European partners, are increasingly coordinating their efforts to combat cybercrime, spyware and cryptocurrency theft schemes.
