Rabby Wallet, a well-known crypto wallet developed by Debank, has been in the market for quite some time now. It boasts support for 141 chains and offers multiple signing modes for its users.
Recently, on February 16th, the company behind Rabby Wallet announced the beta version of its mobile app. However, the iOS App Store has a fake version of the app that has no connection to the original one.
? A FAKE iOS app has resurfaced. Please note that our iOS app is still under review.
Identify the real app by Developer: DeBank (Android) & DeBank Global Pte. Ltd. (iOS).
For secure downloads, ONLY use our official website:
— Rabby Wallet (@Rabby_io) February 16, 2024
Numerous Users Fall Victim to Scam
Several reports have surfaced stating that users who downloaded the iOS version of the app have had their crypto assets drained. The discussion started on Reddit and continued on the official Apple forums.
“This has been reported by many people, but the app is still in the appstore. The problem is the Real Rabby Wallet has an app under review by Apple, so this scammer’s approved AppStore App called “Rabby Wallet & Crypto Solution” is tricking people into thinking it is the genuine one, they enter their seed phrase or private key, and moments later all of their life savings, crypto belongings are GONE!”
According to the victims, the real Rabby Wallet is still awaiting approval from Apple, while the fake app, published by “VIET LONG FINANCIAL INVESTMENT JOINT STOCK COMPANY,” has already been approved.
One unfortunate investor reportedly lost nearly 14 ETH to the scam, and he is not the only one who has fallen victim to this fraudulent app.
So today I was drained by a fake wallet on @Apple appstore. It was a wallet that resembled @Rabby_io and imported my seed in there. after that, the person behind the scam managed to removed most of my assets
So be careful with wallets even on app store (I thought a wallet was a…
— bthemouth (@bthemouth) February 16, 2024
Users have also reached out to Apple, requesting reimbursements due to the company’s failure to properly vet apps on its store.
How Did This App Get Approved?
Despite Apple’s strict approval process, malicious apps like this one occasionally slip through the cracks.
According to the Reddit user who started the thread, Apple Support has allegedly stated that the app was approved as something else in the past, remained active, and then updated to resemble Rabby Wallet’s interface shortly after the official launch announcement was made.
“It seems this is a Long Con […]. What apparently happened here is this app was vetted and approved years ago into AppStore as I assume just some basic personal finance app, something generic. Then what they did is an “Update” that rebranded into the Phishing Wallet with Rabby Wallet artwork recently, and their update was approved before and created this whole mess.”
For now, users of Rabby Wallet are advised to only download the app from the official repository to avoid falling victim to this scam.
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Discover the Shocking Truth: App Store Approves Fake Rabby Wallet Before the Real Deal!
In the world of technology, convenience and efficiency are the top priorities for many individuals. With the rise of smartphones and the increasing popularity of mobile apps, it’s no surprise that mobile wallets have become a go-to for many people. These virtual wallets allow users to store their credit card information and make payments with just a few clicks on their phones. However, with more and more mobile wallets popping up, it’s essential to be cautious and ensure that you are using a legitimate and secure app. One recent incident has highlighted the importance of being aware and careful when it comes to mobile wallets.
The story began when a popular digital wallet, the Rabby Wallet, launched its app on the Apple App Store. The company had been promoting its wallet for months, claiming it to be a convenient and secure solution for mobile payments. However, soon after its launch, people started to notice some red flags. Many users reported issues with the app and even suspected it to be a fake version of the Rabby Wallet.
The surprising part? The App Store had approved the fake Rabby Wallet app before the real one. This shocking truth has left people wondering how this could happen and what they can do to protect themselves from similar situations.
How Did This Happen?
The reason behind this incident is a prime example of how app store approval processes can be susceptible to manipulation. In this case, the fake Rabby Wallet app had been uploaded to the App Store by a malicious group using the same name as the legitimate company. The fake app mimicked the design and layout of the real app, making it almost indistinguishable to the average user. The malicious app also had positive reviews and a high overall rating, further deceiving people into thinking it was the legitimate one.
It was later discovered that the fake app had managed to bypass the Apple verification process by using a fake company website and also manipulating their company information. This allowed it to get past Apple’s automated verification system, making it appear to be a genuine and reliable app.
The Consequences of Using a Fake Mobile Wallet App
The consequences of using a fake mobile wallet app can be severe and far-reaching. The most obvious risk is that your personal information, such as credit card details, can be compromised. With access to this sensitive information, scammers can make unauthorized transactions and drain your bank account.
Moreover, fake apps often come with hidden malicious software that can harm your device and even your personal data. These apps may also trick users into clicking on fake links or downloading malware, putting them at risk of identity theft and financial fraud.
What You Can Do to Protect Yourself
Fortunately, there are steps you can take to protect yourself from falling victim to similar situations. The first and most crucial step is to do your research before downloading any app. Check the app’s developer’s website, read reviews, and verify the app’s legitimacy before hitting that download button.
Additionally, be mindful of any suspicious pop-up ads or links that ask you to download an app. Never download anything from untrustworthy sources and always stick to official app stores like the Apple App Store or Google Play Store.
If you encounter a fake app, report it immediately to the app store and the legitimate company. This will not only help prevent others from falling victim to the same scam but also alert the company to take appropriate actions. The quicker the fake app is removed, the less damage it can inflict.
Benefits and Practical Tips for Using Mobile Wallet Apps
While the incident with the fake Rabby Wallet app highlights the importance of being cautious when using mobile wallets, it shouldn’t discourage you from using one. In fact, there are several benefits and practical tips for using mobile wallet apps that can make your life more convenient.
1. Convenience and Efficiency: Mobile wallets allow for quick and easy payments, eliminating the need to carry physical wallets and credit cards.
2. Increased Security: With mobile wallets, you don’t have to worry about losing your cards or having them stolen. Your transactions are encrypted, making it difficult for hackers to access your information.
3. Organized Finances: Mobile wallet apps often come with features that let you track your spending, categorize expenses, and set budget limits, helping you stay on top of your finances.
4. Offers and Rewards: Many mobile wallets offer rewards and discounts for using their app, making it a more financially beneficial option.
To ensure the safety of your personal and financial information, here are some practical tips to keep in mind when using a mobile wallet app:
1. Use a Secure Password: Choose a strong and unique password for your mobile wallet app to prevent unauthorized access.
2. Enable Touch ID or Face ID: Make use of biometric authentication methods, such as Touch ID or Face ID, to add an extra layer of security.
3. Update Your Apps Regularly: Developers often release updates to fix bugs and security vulnerabilities, so make sure to update your mobile wallet app regularly.
4. Set up Transaction Notifications: Many mobile wallet apps allow users to receive notifications for every transaction, which can help you keep track of your purchases and spot any unauthorized transactions quickly.
Don’t Fall for Fake Mobile Wallet Apps
The incident with the fake Rabby Wallet app serves as a reminder to always be diligent and cautious when using mobile wallet apps. Stay informed, do your research, and follow these practical tips to avoid falling for fake apps. By taking these simple precautions, you can enjoy the convenience and efficiency of mobile wallets without compromising your personal and financial information.
