What do we do about the junk piling up in our backyard? Well, we clean it up as nobody likes a messy view. That is exactly what the tech giants Google and Apple did. When researchers came across applications containing malware with a heavy potential of harming users they were stunned. Taking proper action, both Google and Apple deleted those applications from their respective stores. It is a great step taken towards ensuring users’ safety.
Also, the Australian Securities & Investment Commission(ASIC) recently found multiple several fraudulent applications on both platforms. As a result, both of them removed some trading applications. Speaking of the ASIC report the commission clearly stated that the investigation was done to pull out the malicious apps. According to the research, more than 300 apps were discovered to be fraudulent. These unlicensed apps were providing binary options for trading. Promising high return on investment, these apps are delivered by individuals to the users.
These apps involve users by letting them guess/ bet about the rise and fall of different shares and currencies. The boost in their number in Australia and the UK have created a serious situation. ASIC stated that almost 80% of them failed to mention the warning in the description, instead, they used the written statements to mislead the people about the profitability of trading. They also confused the users about the total amount of profit that they could make. Tempting statements of an app guaranteeing 80 tp 90% gains in an hour allured the users, without giving the warning about the potential loss.
A survey conducted by The Independent stated that the pensioners are highly scammed into these tricks. All the binary options trading platforms are not included under the limitations set by UK’s financial regulators. And this is alarming, as there is a feeble chance that investors would get their money back.
A lot of times, apps have threatened the security of its users. But to avoid the same in the future it is a must to evaluate all the things carefully. And in case you need any sort of assistance, then feel free to reach out to Techugo, a leading app development company. But until then, stay hooked to this space for more exciting information.
