The internet is filled with dangerous SpyLoan apps that pretend to loan users money with evil intentions. Researchers at cybersecurity firm ESET have discovered that several fraudulent instant loan apps are targeting Android users in India as well as other countries. The company has identified 18 SpyLoan apps and reported them to Google. The tech giant has already removed 17 of these apps from Play Store.However, these apps have amassed a total of more than 12 million downloads worldwide fromGoogle Play before they were removed.
Why users need to remove these apps
Researchers have recently observed an “alarming growth” in deceptive Android loan apps. These apps present themselves as legitimate personal loan services and promise quick as well as easy access to funds.
Despite their lucrative appearance, these services are designed to trap users by offering them loans at high-interest-rates and are endorsed with deceitful descriptions. Meanwhile, these apps also collect their victims’ personal and financial information to blackmail them. So, users who have already downloaded these apps are advised to remove them from their devices right away.
Why users need to remove these apps
Researchers have recently observed an “alarming growth” in deceptive Android loan apps. These apps present themselves as legitimate personal loan services and promise quick as well as easy access to funds.
Despite their lucrative appearance, these services are designed to trap users by offering them loans at high-interest-rates and are endorsed with deceitful descriptions. Meanwhile, these apps also collect their victims’ personal and financial information to blackmail them. So, users who have already downloaded these apps are advised to remove them from their devices right away.
For these apps, the company is using the detection name SpyLoan. This directly refers to their spyware functionality combined with loan claims. SpyLoan apps are marketed through social media and SMS messages. These apps are also available for download from dedicated scam websites, third-party app stores and earlier Google Play as well.
Researchers also found some of these SpyLoan apps websites also listed open job positions. These job listings seem stolen from Indian companies or are using generic stock photos featuring Indian-sounding names.
These apps also don’t comply with Google’s policy which sets a cap on interest rates and a repayment tenure of more than 60 days. A PhoneArena report has also listed the names of these apps:
- AA Kredit
- Amor Cash
- GuayabaCash
- EasyCredit
- Cashwow
- CrediBus
- FlashLoan
- PréstamosCrédito
- Préstamos De Crédito-YumiCash
- Go Crédito
- Instantáneo Préstamo
- Cartera grande
- Rápido Crédito
- Finupp Lending
- 4S Cash
- TrueNaira
- EasyCash
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