High-Tech Bridge security researchers recently reviewed the Google Play Store’s most popular crypto apps. The result is worrying because only about 10% of the most used apps for Android smartphones have not failed the test. Most of them have some critical security vulnerabilities, they do not provide enough encryption to their users, or they cause problems with the secure storage of sensitive data. As you can see, choosing the right app is more important than ever.
If you want to manage your wallet with an Android app, you should select it very carefully. High-Tech Bridge, a global cybersecurity company, recently reviewed apps that were downloaded most frequently on the Google Play Store. The investigation of the software was not manual and thus comparatively superficial, because you only used the self-developed online tool “Mobile X-Ray”. Nevertheless, in many cases the diagnosis is catastrophic. The test results are broken down by the number of installations performed.
Of the 30 most popular apps installed more than 500,000 times, 94% have at least three intermediate security vulnerabilities. More than three-quarters (77%) of the apps even have at least two serious security holes. 17% of the top 30 apps are susceptible to man-in-the-middle attacks, where hackers can successfully engage in the transmission of sensitive data in order to tap them. In 66% of the apps, the functionality of the software endangers the privacy of users. 94% of apps use SSLv3 or TLS 1.0 encryption, which has been out of date for years due to lack of security.
Half of the mobile programs even transmit the data with too weak or insufficient encryption and none of the apps is protected against reverse engineering. The term reverse engineering refers to the protection against a reconstruction of the software by unauthorized persons. Cybercriminals can freely reconstruct the source code of the tested crypto apps to discuss how to get the most out of mobile assets with the least amount of overhead.
Ilia Kolochenko, CEO and founder of High-Tech Bridge is not surprised, despite the fatal results. Security researchers have warned the Android developers in the past several times and pointed out that too fast creation of the software is associated with risks. Kolochenko warns that you only see the tip of the iceberg. The most dangerous vulnerabilities are hidden in his opinion not in the apps, but in the programming of the online cryptocurrency trading platforms. There is to get the most money for cybercriminals, which has unfortunately happened again and again in recent months.
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