30 Jun '15, 4pm

FTC Cracks Down on App That Took Over Phones, Mined for Bitcoin: The Prized app installed malicious software o...

The Federal Trade Commission (FTC) and New Jersey officials this week cracked down on a developer whose app used consumers' phones to mine for bitcoin. Equiliv Investments and Ryan Ramminger are now banned from creating apps that use malicious software and must destroy all information about consumers they collected via their app. They were also fined $50,000 for violating the FTC Act and the NJ Consumer Fraud Act, though they will only have to pay $5,200 if they comply with the judgment. Starting in February 2014, Ramminger distributed the Prized app on the Google Play Store, Amazon App Store, and others. Users were supposed to be able to earn points for playing games and downloading sponsored apps, which they could spend on real-world rewards. But in reality, the app installed malicious software on people's phones and used the device's resources to mine for bitcoin, which...

Full article: http://www.pcmag.com/article2/0,2817,2487034,00.asp?kc=PC...

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