Group-IB’s research found that these criminals use sophisticated social engineering techniques — often building relationships on dating or social media platforms — to lure their victims to apps that the criminals have uploaded to Google Play Store and Apple’s App Store
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Cybercriminals have been flooding Google Play and Apple’s App Store with fake trading apps, according to new research from cybersecurity firm Group-IB. These phoney platforms are part of a sinister global scam known as “pig butchering,” a type of investment fraud where scammers convince victims to make large investments, only to drain their funds later.
The scam gets its unusual name from the way fraudsters “fatten” their victims by building trust before ultimately taking everything. Although it mainly revolves around cryptocurrency investments, the scam doesn’t target just crypto enthusiasts.
In fact, Group-IB’s research found that these criminals use sophisticated social engineering techniques — often building relationships on dating or social media platforms — to lure their victims. Once trust is established, victims are persuaded to download fake trading apps that appear legitimate.
Since May, Group-IB has identified numerous fraudulent apps disguised as trading platforms. These apps, built using the UniApp Framework and classified as part of the UniShadowTrade malware family, were discovered on both Google Play and the App Store.
One of these bogus apps even posed as a tool for “algebraic mathematical formulas and 3D graphics volume area calculations.” Once users created an account and provided sensitive details, they were encouraged to make deposits — and eventually pressured into investing more money. Unfortunately, these funds could never be withdrawn.
Although some of these fake apps have been taken down, Group-IB reported that cybercriminals are still circulating them through phishing websites, targeting both Apple and Android users. Another deceptive app on Google Play claimed to offer stock-related news and managed to attract over a thousand downloads before being removed.
Victims of these schemes have been identified across multiple regions, including Asia-Pacific, Europe, and the Middle East. With more than $75 billion reportedly stolen over the last four years, this scam highlights the increasing sophistication of cybercriminals.
The rise of these fake apps adds to a growing list of tactics used by fraudsters in the investment space. Cybercriminals have also been tricking people into transferring money via Bitcoin ATMs and impersonating well-known retail websites as part of their scams.
Group-IB’s findings underline the importance of vigilance when downloading apps, especially those related to finance. As scammers continue to find new ways to exploit trust, users need to remain cautious and verify platforms before sharing personal or financial information.
