Hackers are exploiting fake trading apps on smartphones to execute scams, tricking users into losing money through fraudulent investment schemes, according to a cybersecurity report.

Cybersecurity researchers have reported finding multiple mobile applications used in so-called ‘pig butchering’ schemes, lurking on the official Google and Apple repositories. ‘Pig butchering’ is a type of financial fraud in which the victims - called ‘pigs’ - are first “stuffed”,

Pig butchering is a type of investment fraud where victims are shown fabricated profits and asked to invest more and more money.

In a pig butchering scam, fake trading apps first available on Google and Apple apps stores and later on phishing download sites lured victims into depositing money into fraudulent accounts, which was then stolen,

Using a series of fraudulent trading apps, which were available for download on both the Google Play Store and Apple's App Store, hackers have duped thousands of people