At the beginning of September, cyber security firm McAfee highlighted a malware program, SpyAgent, that uses Optical Character Recognition (OCR) to access screenshots of crypto wallet recovery phrases. The malicious software has so far been found in 280 apps, all of which are available outside the Google Play store, and McAfee has said there are signs that an iOS version is in the early stages of development.
Cryptocurrency has gained a lot of traction and attention over the past few years. It is a popular investment option for those who want to diversify their portfolios. It can be spent with some major companies like Microsoft and Overstock. It can be used for peer-to-peer payments. And it is popular at online casinos with options ranging from Litecoin dice games to Bitcoin slots. It is especially popular with online gamblers because it is said to offer a more secure experience than submitting credit card or bank details.
Experts have warned crypto wallet users to ensure their data is safe and follow best practices to maintain their financial security. So, is it possible to keep your crypto secure on Android, or will there always be some risk?
Choose A Legitimate Wallet
Cryptocurrency holders need secure methods of storing their crypto. It is generally recommended that they keep their funds away from exchanges, except when making trades and exchanging currencies. Crypto wallets are deemed the best option. Different wallets can accept and be used to store keys for certain cryptocurrencies.
Electrum is considered a good wallet for Bitcoin while MetaMask is a popular option for Ether and Ethereum-based coins. Users should not only ensure that their wallet is compatible with the coins and tokens they hold, but that it is a legitimate wallet. Check online reviews for genuine user experiences.
Download Wallets Via The Store
McAfee found the SpyAgent malware in APKs that were available outside Google Play. Google aims to protect its users from malicious software by checking APKs for malicious code. Some malware makes it past these checks, but incidents are rare, and you are better protected when installing software from the Play Store. This also gives you another opportunity to check credentials and read user reviews.
Similarly, Apple users should use wallets downloaded from the Apple Play store to avoid potential malware.
Securely Store Recovery Phrases
Recovery phrases are 12 to 24-word lists that can be used to gain access to a wallet so that it can be restored on a device or added to a new device. Thieves can use the phrases to install the wallet on their own devices and then divert the real owner’s crypt funds to other wallets and addresses. The phrases are intentionally difficult to remember and wallet producers typically advise that users print or write down their phrases for future reference.
Screenshotting or saving the phrase on the same device as the wallet resides is not secure. As well as SpyAgent, users could have their phrases, wallets, and crypto funds stolen if somebody gets hold of their phone for just a few minutes.