App Store Security: Apple Takes Down Fake Trezor Wallet Suite From Its Ecosystem App Stores
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Technology giant Apple has recently taken down a counterfeit application from its app store. This fraudulent app had been posing as the well-known crypto hardware wallet “Trezor Wallet Suite.”
Research revealed the malicious copycat app had been lurking for a while with a clear goal of stealing victims’ crypto assets.
Copycat Trezor Wallet App Discovery and Apple’s Stringent Approach
On June 19th, Rafael Yakobi, a partner at the innovative Crypto Lawyers group, alerted users via Twitter on a fake version of the Trezor Wallet running on the Apple App Store.
Rafael further cited that the malicious app requested users’ seed phrases upon installation. If granted, operators will have full access to victims’ cryptos portfolios, leading to a significant loss of assets and funds.
🚨 Security Alert 🚨
The first search result for "Trezor" in the Apple @AppStore is a malicious application that will request your seed phrase, allowing its operators to steal all of your crypto.
The name of the malicious application is "Trezor Wallet Suite." You can verify… pic.twitter.com/vWsXTHpkYK
— Rafael Yakobi (@Deliver8tor) June 19, 2023
There are reported claims that the app had been available on the Apple app store for weeks before Rafael discovered it. This implies that thousands of users could have been affected by a significant number of assets stolen.
At press time, the fake “Trezor Wallet Suite” is no longer available on the App Store, which indicates Apple’s swift stringent approach to malicious applications.
Individuals that use Apple products like iPhone, Mac, iPad, and iWatch are now safe as the copycat app no longer pops up when the text prompt “Trezor” is searched for on the App Store.
However, users who have recently downloaded a Trezor app or any related crypto-based wallet on their Apple products should double-check the authentication of each app before granting access to sensitive information.
Users Left Frustrated as Apple App Store “Optimal” Security Claim May Be a Faux
Although Apple’s stringent approach to malicious applications has been hailed for its fast responses towards removal or suspension, many users have questioned how the fake “Trezor Wallet Suite” app made it past Apple’s review process.
Over the years, the selling point of Apple has been the immutable and untampered security it offers its users, alongside an intuitive user interface and seamless synchronization between products in its ecosystem.
While it has lived up to expectations, Apple’s major lack seems to be its App Store security. A Twitter user, “@hdevalence,” cited her opinion on Rafael Yakobi Security Alert.
She expressed dissatisfaction with the Apple App Store’s gatekeeping strength if malicious applications such as “Trezor Wallet Suite” are allowed through.
what is the point of all of the app store gatekeeping if they let stuff like this through lol
— hdevalence.bsky.social 🌘 (@hdevalence) June 19, 2023
However, there are likely to be many victims because of the App Store’s negligence despite the swift action to take down the apps.
Therefore, the company must develop a more efficient security gatekeeping process to protect its users from the stretching arms of cyber and fraudulent loopholes.
From a developer point of view, Twitter user “@xbb32” suggested a revamp of Apple’s app addition policy as it often declines apps from honest developers and ends up accepting faux apps likely to harm users.
How can apps developped by honest people be declined on the AppStore while that kind of crap goes through all checks?
I'm amazed how useless those stores are… Taking 30% commission for what?— XBB32 (@xbb32) June 20, 2023
He also referred to Apple’s 30% commission charge for apps and in-app purchases as inappropriate.
The Rise of Fake Apps: Over $42 Million Loss Reported
The recent spate of malicious apps has become a major concern due to high records of victims losing assets and funds.
According to the Federal Bureau of Investigation – Cyber Division report for 2022, over $42.7 million loss were documented as security experts’ tips in 2023 to surpass previous records.
Crypto scammers are spreading out new schemes to take advantage of heightened interest in cryptocurrencies, especially during market bull rallies which often appeal to beginner traders.
These schemes include free online giveaways, imitation of recognizable brand names like the “Trezor Wallet Suite” dilemma, and the distribution of fake apps through App stores.
Although Apple insists that apps deployed on its official App Store have been vetted and cleared via security processes, there will be a need for a major revamp and integration of more advanced protection features to keep users safe.
