Homepage / Currency / Crafty app developers are ripping off big-name brands
Asian stocks set for subdued open after Nasdaq notches record close; trade concerns simmer GoodRx, a service for finding bargains on prescription drugs, is in sale talks for up to $3 billion The 4 fastest-growing job skills of the next three to five years: LinkedIn Saudi Arabia, Argentina to be part of MSCI emerging markets index Buffett, Bezos and Dimon's health-care pick is known as a thought leader, not a business leader Alexa goes to college: Northeastern is giving students Amazon Echo Dots Disney-Comcast bidding war for Fox will go up to $45 a share before Disney wins: media expert Tesla's alleged rogue employee is exactly what Congress is worried about with self-driving cars Former Citrix chief Mark Templeton takes over at cloud start-up DigitalOcean Apple makes a big push into kids' content with creators of Sesame Street A year later, what Uber has done to revamp its troubled image The United States just built the world's fastest supercomputer — here's what that means Instagram crosses 1 billion monthly active users, unveils long-form video Microsoft acquires Bonsai to help with its artificial intelligence push Stitch Fix shares pop on speculation of Oprah taking stake in the company The AT&T-Time Warner ruling is making the Murdoch family billions of dollars richer Here's why Google and Amazon probably will never be included in the Dow Chinese investment in the US drops 90% amid political pressure Tesla sues former employee for allegedly stealing gigabytes of data, making false claims to media Nasdaq CEO says ICOs are 'taking advantage' of retail investors JP Morgan is unleashing artificial intelligence on a business that moves $5 trillion for corporations every day This health tech start-up refused to take money from VC firms unless they had a female partner General Electric shareholders should rejoice at the Dow removal US existing home sales fall for second straight month Silicon Valley has an Achilles’ heel that threatens its supremacy in innovation Threatened by coalition partner, Merkel seeks to break migration deadlock China has an Iran oil lever over Trump and it's all playing out at OPEC meeting How tech companies conquered America's cities Nantucket home prices break record highs Oracle reduced visibility into its cloud business, and some analysts aren't happy Buffett, Bezos, Dimon appoint Dr. Atul Gawande as CEO of their newly formed health care company AMC will offer its own MoviePass-like subscription AT&T Advertising CEO: We need to buy more technology to make ads less obtrusive and more relevant Buy beaten-down Citi shares ahead of stress test results and earnings, Deutsche Bank says Disability applications plunge as the economy strengthens A ‘day of reckoning’ is coming for stocks. Here’s what could spark it, says market watcher Disney raises bid for Fox assets to $71.3 billion in cash and stock Morgan Stanley downgrades Starbucks due to its China sales growth stumble Trump wages trade conflicts during historically difficult time for the stock market A cruel summer for stocks is likely upon us, Federated's Phil Orlando warns OPEC set for a collision course over production policy ahead of landmark meeting Stocks making the biggest moves premarket: WGO, GE, FDX, ORCL, SBUX & more GE shares drop after the blue chip gets booted from the Dow, ending a 110-year run EU to hit $3.2 billion of US imports starting Friday in response to Trump's tariffs Mortgage applications jump 5.1% as interest rates settle Kroger, on a 'wild ride' in the last year, reports earnings this week. Here's how to play it Hopes are rising of a breakthrough in one of Africa's longest conflicts Bitcoin is 'not for me' but it's too 'arrogant' to say it won't have a future, Goldman Sachs CEO says High oil prices are a massive headache for India as economy gets 'pinched' The ECB has lost its independence in the wake of the debt crisis, a former member claims The ‘crypto sculpture’ and how hyped things have become Asian economies have a lot to lose in a US-China trade war CEO explains why his Australian company just announced 8,000 job cuts European stocks seen higher amid rising trade war fears; OPEC in focus White House says China's 'economic aggression' is a global threat The inspiration for tech titan Jack Ma's Alibaba was an unlikely politician Microsoft's Nadella: Trump administration policy separating children from families is 'abhorrent' A major cryptocurrency exchange says it was hacked and $30 million in coins was stolen Canada approves recreational use of marijuana Lapses at many levels of bank led to India's huge PNB fraud, internal report shows Australia's largest telco says it will cut 8,000 jobs over the next three years China-based hacking campaign is said to have breached satellite, defense companies Kim Jong Un and China's Xi discuss 'a new future,' North Korean media says Worst isn't over for General Electric, predicts ex-GE transportation CEO Asian shares set for mixed open after trade fears spook markets worldwide Cramer: Tesla's stock still has more upside—just use the right chart Cramer points to the trillion-dollar question about US-China trade: What about Apple? Elon Musk: If I can help kids at the border, I will SNAP CEO on Innovation and Imitation Oracle reports strong fourth quarter results and stock edges up Start-up that uses polymer science to make avocados last longer just scored a deal with Costco Here's a map of every Whole Foods where you'll get an Amazon Prime discount The CEO of agency giant IPG welcomes challengers to Facebook and Google: 'The more the merrier' Traders bet one soaring tech stock is about to lose steam Facebook takes another shot at grabbing social media stars from YouTube UK says it is happy with Rupert Murdoch's Sky News commitments related to bid for parent company Apple CEO Tim Cook says separating immigrant children at US border is 'inhumane' In the short history of Trump trade conflicts, it has paid to buy the market dip Danny Meyer stands by cashless push: 'We're unaware of any federal law' that requires accepting cash Express Scripts boots another online pharmacy — CareZone — from its network Home Depot and two other Dow stocks look ripe for a buy, says technician Snap shares plunge after analyst says users are less engaged White House's Navarro on China trade talks: No knowledge of Apple iPhone exemption Merkel, Macron agree on euro zone budget Walgreens and Humana are partnering to create senior health hubs Sarepta Therapeutics shares soar 50% on positive preliminary results for muscular dystrophy gene therapy Verizon pledges to stop some selling of phone-location data There's one Dow stock having a great day: Verizon Europe's IPO market heats up, and unicorns are getting in line Amazon wants a hand in all your deliveries, unveils last-step option for FedEx, UPS and private mail Soybean prices drop to two-year low on US-China trade war fears Cramer: US-China trade fight 'is not serious' right now; Trump has upper hand China has a limited number of weapons to use in a trade war with the US Laws governing medical marijuana could soon be relaxed in the UK The flip phone is about to make a big comeback as foldable screen nears reality Here is what a student could have made if they invested their 2014 summer earnings in FANG stocks VW names interim Audi boss, seeking to steady brand after its CEO's arrest Here’s the fundamental error in Trump’s trade strategy Chip stocks dive on trade war fears as industry gets a majority of its revenue from China New home construction booms to a near 11-year high in May

Currency

Crafty app developers are ripping off big-name brands

THE new app for an upmarket British department store certainly looks the part. Released on Google Play, a shop for Android software, on September 5th, it has the right logo, the correct vibrant colour and offers fashionable clothes and accessories. But the app is not authorised by the brand, is littered with pop-up ads and is painfully slow (furious users gave it one-star ratings). Its developer, Style Apps, has also launched apps for other clothing brands that are household names in America.

Such fake apps are designed by crafty developers to trick inattentive users. Google and Apple police their app stores but many impostors get through. In third-party app stores, unofficial platforms run by someone other than the two tech giants, the problem is even worse. Users are tricked in two ways. Some apps fill a gap in the market. Selfridges, a chain of British fashion stores, for instance, has a legitimate app for Apple devices but not for Android ones. RadioShack, an American electronics retailer that filed for bankruptcy in February 2015, has a website but not an official app. Three imitation apps have by now sprouted under the shop’s name.

  • Taxing the rich

  • The rise of the podcast adaptation

  • Why malaria is spreading in Venezuela

  • Donald Trump’s latest travel ban faces fresh lawsuits

  • How “regularising” undocumented immigrants brings benefits

  • Explaining the Finnish love of tango

Other developers simply copy an existing app and hope users will fail to notice. The Economist found that half of the 50 top-selling apps in Google Play had fakes. These included ones with tweaked names (“MyGoogleTranslate” rather than “Google Translate”) and a bogus Netflix app that uses a weird Halloween-themed font for the logo. Google says it is reviewing these apps and will take action where necessary.

Fake apps are often stuffed with malicious code. Academics from a research group, SerVal, at the University of Luxembourg, estimate that around a fifth of all Android app-based malware is hidden in fake apps. The malware facilitates various money-making schemes. The most egregious are designed to steal the passwords that unlock users’ bank accounts. But it is more common for scams to profit from ordinary advertising, particularly on Android devices, says Eliran Sapir of Apptopia, a tech firm. Adverts in the smartphone’s web browser get quietly replaced by similar ones chosen by the fake-app developer.

Another money-spinner is to mine cryptocurrencies. Analysts at Trend Micro, a cybersecurity firm, in 2014 discovered that copies of Football Manager Handheld, a smartphone game, and TuneIn Radio, an audio app, contained malicious software that mined cryptocurrencies, the proceeds of which were probably funneled to the developers. This still goes on. It does not harm users directly, but researchers warn that such “vampire” apps drain phone batteries.

Developers can make much more money with fake apps than through legitimate means, reckons Mr Sapir. On dark-web forums, hackers and small-time digital advertisers offer developers around $1 per user per year to inject their apps with malicious code. In theory, a single app with 15,000 users (about a tenth of all apps have this many) could bring in roughly $1,250 per month. Most legitimate apps make about $1,000 per month, according to a survey from InMobi, a mobile-advertising company.

Fake-app developers are also quick to catch onto the latest trends. When Pokémon Go, a smartphone app based on a video game, became popular in July 2016, developers released a walk-through guide to the game which flooded smartphones with advertising. The guide was downloaded over 500,000 times. But the pickings are richest in retail, and especially in the autumn when fake-app developers are gearing up for spending binges during sales around Thanksgiving and Christmas, says Chris Mason of Branding Brand, a tech firm. Shoppers, beware.

Source: economist
Crafty app developers are ripping off big-name brands

Comments are closed.