November 20, 2023

Experts Warn of Increased Crypto Phishing Threats as Apple Approves iPhone App Sideloading in the EU

Apple's decision to allow app sideloading on EU iPhones, in compliance with the Digital Markets Act, raises alarms among blockchain security experts.

Apple's recent approval of app sideloading for iPhone users in the European Union, aligning with the Digital Markets Act, is causing concern among blockchain security experts. The decision, influenced by the evolving tech landscape and a Bloomberg report from late 2022, is expected to expose crypto users to an increased risk of phishing attacks.

Blockchain security firm SlowMist is at the forefront of expressing reservations about the potential dangers associated with sideloading. The company highlights the elevated risk of phishing attacks, asset theft, and password vulnerabilities. SlowMist draws parallels with the experiences of Android users, who have faced significant losses due to phishing attacks stemming from unofficial app downloads.

David Schwed, COO of blockchain security firm Halborn, underscores the inherent risks, pointing out the possibility of malicious developers creating applications that mimic legitimate ones to steal user data.

Apple, acknowledging the risks, has previously cautioned users about sideloading apps, warning of the potential for cybercriminals to impersonate the App Store and deceive users into downloading harmful applications.

In response to these concerns, blockchain security firms are offering advice to users, emphasizing the importance of a thorough examination of the source of sideloaded apps and increased vigilance regarding all authorizations and passwords. As the tech landscape evolves, users are urged to stay informed and take necessary precautions to protect their digital assets and personal information in the face of emerging challenges.

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