In a recent development, a counterfeit cryptocurrency application on Apple Inc.'s AAPL App Store has reportedly duped users out of thousands of dollars.
What Happened: A bogus app, masquerading as the Rabby Wallet crypto service, managed to secure approval from the App Store, reported Apple Insider.
The authentic Rabby Wallet app, a product of DeBank Global Pte. Ltd., is still in the App Store review pipeline.
The fraudulent app, dubbed “Rabby Wallet & Crypto Solution,” has been defrauding users, with one individual reporting a loss of approximately $5,000. The app has reportedly been accessible for years, despite numerous reports to Apple.
Users are voicing their grievances and demanding compensation from Apple, which has yet to issue a statement on the matter. This event brings into question the efficacy of Apple’s App Store review process and its capability to shield users from scam apps.
Apple’s App Store has encountered similar problems in the past, with a pirated movie app and a counterfeit password manager app identified recently. These instances underscore the ongoing struggle for Apple to ensure the security of its App Store.
Why It Matters: This incident comes on the heels of Apple CEO Tim Cook emphasizing the company’s commitment to security. He also acknowledged that the company’s efforts to maximize security could be hindered by the European Union’s App Store regulations.
Apple veteran Phil Schiller echoed Cook’s sentiments, warning the EU’s “Alternative App Store” proposal could compromise the security of iPhones and their users.
The recent scam incident underscored these concerns and highlighted the challenges Apple faces in maintaining the security of its App Store.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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