A fake app impersonating the popular decentralized finance (DeFi) platform Curve FInance has resurfaced on Apple’s App Store for the third time this year, targeting unsuspecting users again.

Despite previous warnings and removals, the app continues to make its way onto the App Store, attracting downloads and ranking high in finance categories across multiple regions.

Disguised as a legitimate tool on the store built for token swaps and liquidity staking, the app has led to many reports of financial losses and security concerns from user reviews.

Babu Lal, co-founder of India-based cybersecurity firm Frautect, informed Cointelegraph of the scam app, stating that this is a “global issue” leading to “trust issues, unnecessary compliance burdens, and sometimes financial liability.”

Related: Fake Curve Finance app scams users, tops global finance charts

User reports of losses

The fake app, which imitates Curve Finance’s logo and interface, falsely promises users token swapping and liquidity staking features to attract engagement.

However, user reviews report unauthorized withdrawals, disappearing funds, and unresponsive customer support, with one user stating they invested through the app, “but it disappeared without a trace.”

The pattern of financial loss has led to a flood of one-star reviews warning others about the risks associated with the app, but despite the scam reports, the app remains available on the Apple App Store.

Source: Babu

Related: Centralized stablecoins may pose a risk to DeFi — Curve Finance founder

Crypto scam app surge

The reappearance of the Curve Finance scam app is only one part of a steadily appearing broader trend, with more fake crypto-related apps populating the Apple App Store and Google Play — often impersonating reputable brands.

Lal explained that the Web3 and crypto space is “so nascent and early that instances like these push the sector down, fuelling the debate around crypto’s legitimacy.”

The cybersecurity firm co-founder told Cointelegraph that he had “identified, reported and taken down” more than 6500 fake publicly available apps, mostly “in the finance category.”

Google Sheet depicting fake crypto-related apps Babu has identified. Source: Babu

Related: Fake Curve Finance app listed on Apple Store

Growing need for App Store security

Despite a slew of user reports, warnings from security experts, and even takedowns, deceptive apps continue to reappear — putting users at risk of exploitation.

Lal described the situation as “every day a new modus operandi” is emerging, and the situation continues to spiral out of control without improved security measures.

The persistence of fake Curve Finance apps and other scam apps appearing on the Apple App Store and Google Play reveals a growing need for user security and a vulnerability that still needs addressing.

Magazine: AI agents trading crypto is a hot narrative, but beware of rookie mistakes