Apple's iPhone App Sideloading May Increase Crypto Phishing Risks, Experts Say

The imminent availability of app sideloading on iPhones in the European Union could potentially expose crypto users to increased phishing attacks, according to blockchain security firms.

What Happened: As per a recent Decrypt report, Apple is expected to allow EU iPhone users to sideload apps, bypassing the official Apple App Store. The tech giant’s move is in compliance with the EU’s Digital Markets Act and comes on the heels of a similar report from Bloomberg in late 2022.

Blockchain security company SlowMist has raised concerns about the potential for phishing attacks, asset theft, and password theft risks that could arise from app sideloading. SlowMist has cited the past experiences of Android users, who have suffered substantial losses due to phishing attacks tied to unofficially downloaded apps.

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“The inherent risks primarily revolve around the potential presence of malicious developers releasing applications that mimic legitimate ones, aiming to steal user data,” said David Schwed, COO of blockchain security firm Halborn.

Apple has previously cautioned users about the risks associated with sideloaded apps, suggesting that cybercriminals could impersonate the App Store to dupe users into sideloading apps.

Blockchain security firms have offered advice to users on how to safeguard themselves, with measures including careful scrutiny of the source of sideloaded apps and heightened vigilance regarding all authorizations and passwords.

Price Action: At the time of writing, Bitcoin BTC/USD was trading at $37,476.20, up 3% in the last 24 hours, according to Benzinga Pro.

This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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