The Play Store has recently taken down 17 apps that specifically targeted Indian users with predatory loans and data harvesting. These apps, known as “SpyLoan” apps, were cunningly designed to take advantage of the trust that users have in legitimate loan providers.
According to a report from ESET Research, these malicious apps deceived users into granting them extensive permissions to access their personal data. Once installed, the apps would proceed to steal a wide range of information, including contact lists, SMS messages, photos, and browsing history. This stolen data was then used to blackmail and intimidate victims into repaying loans with exorbitant interest rates.
Here is the list of fraudulent SpyLoan apps:
- AA Kredit
- Amor Cash
- GuayabaCash
- EasyCredit
- Cashwow
- CrediBus
- FlashLoan
- Préstamos Crédito
- Préstamos De Crédito-YumiCash
- Go Crédito
- Instantáneo Préstamo
- Cartera Grande
- Rápido Crédito
- Finupp Lending
- 4S Cash
- TrueNaira
- EasyCash
It has been reported that these apps were active in various countries such as India, Pakistan, Thailand, Vietnam, Mexico, Indonesia, Colombia, Egypt, Kenya, Peru, the Philippines, Singapore, and Nigeria. Researchers estimate that over 12 million people had downloaded these apps before they were eventually removed from the Play Store.
The modus operandi of these apps involved tricking users into believing that they were legitimate loan providers. Once installed, the SpyLoan apps would gain access to users’ personal information through the unknowing granting of broad permissions. This information was then exploited to force victims into repaying loans with excessively high interest rates and unreasonably short repayment periods, making it nearly impossible for them to fulfill their obligations. Essentially, these predatory apps took advantage of the desperation of individuals seeking quick financial assistance.
Victims Paid High Returns:
Victims who fell prey to these loan applications have reported that the loans’ actual annual cost (TAC) is significantly higher than what was initially advertised, and the repayment period is much shorter compared to legitimate banks’ offerings.
Moreover, numerous borrowers were coerced into settling their loans within an unrealistic timeframe of five days, which proves to be an immense challenge for many individuals. Additionally, the report uncovered that the true annual cost of these loans ranged from an astonishing 160 percent to 340 percent.
Disturbingly, reports indicate that the consequences of these SpyLoan apps have been catastrophic for victims, with some tragically resorting to taking their own lives due to the overwhelming pressure to repay their loans.
The deceitful nature of these apps became apparent when users were compelled to provide extensive personal information under the threat of loan denial. This blatant manipulation resulted in over 12 million worldwide downloads before Google finally took action and removed them from the Play Store.
Google’s removal of these apps from the Play Store signifies their commitment to safeguarding users from predatory apps. In the past year alone, Google has eliminated more than 200 SpyLoan apps. However, the company acknowledges that it remains too easy for these apps to be downloaded and installed. Therefore, Google urges users to remain vigilant and adopt precautionary measures to ensure their own safety and protection.
To ensure your protection against malicious apps, it is crucial to follow these important guidelines:
- Conduct Thorough App Research: Before downloading any loan or financial app, it is essential to thoroughly research it. Check user reviews, ratings, and the app’s reputation online to ensure its legitimacy.
- Review App Permissions: Exercise caution when granting permissions to apps. If an app requests access to sensitive data that seems unrelated to its functionality, refrain from downloading it.
- Verify Developer Information: Prior to downloading any app, verify the developer’s details. Legitimate apps typically have well-known developers with a positive track record.
- Utilize Reputable Sources: Stick to official app stores such as Google Play or Apple App Store. Avoid downloading apps from third-party sources, as they may not undergo stringent security checks.
- Stay Informed: Stay updated on the latest security threats and scams. Being aware of potential risks is a powerful tool in avoiding falling victim to malicious activities.
By following these guidelines, you can protect yourself effectively.