More and more methods are used by fraudsters, so stay alert, don't just download or click on suspicious links. Many fraudsters target you with this APK file if you try to install it. Giving malware APK access to your phone will threaten the security of your banking application, and important data in your asset wallet.
If downloading and installing applications already listed in an official store is risky and can compromise your devices, it's terrible idea to download APK file and install it on your devices without any prerequiste security test from a store.
APK file is most risky thing to download and install an application on your device, I would like to avoid it not as much as possible, but avoid it completely.
Regarding this type of fraud, when the victim is careless and installs the application, the perpetrator will have access to read and also send SMS. From there, it can spread everywhere.
They are careless but curious and want to explore new cool things but don't know or ignore very basic principle in security. Having this dangerous practice for one time can be well, but maintain this risky practice for a while, you will be punished by scammers and pay very expensive cost.