Worldsfeed Tech Desk: In a recent cybersecurity development, researchers from ESET have identified and reported 18 deceptive instant loan apps, commonly known as SpyLoan apps, targeting Android users in India and beyond. Google has responded promptly by removing 17 of these apps from the Play Store. Shockingly, these apps had already accumulated over 12 million downloads worldwide before being taken down.
The surge in these misleading Android loan apps is causing concern among experts. These apps masquerade as legitimate personal loan services, promising users quick and easy access to funds. However, beneath their seemingly attractive facade, these services ensnare users with exorbitant interest rates and employ deceitful practices to collect personal and financial information for potential blackmail.
Users who have downloaded these apps are strongly advised to delete them immediately from their devices to safeguard their personal information and financial well-being.
Termed “SpyLoan” due to their combination of spyware functionality and loan-related claims, these apps are typically promoted through social media channels and SMS messages. They can also be found on dedicated scam websites, third-party app stores, and were previously available on Google Play.
Researchers also uncovered that some of these SpyLoan app websites featured job listings, often stolen from Indian companies or utilizing generic stock photos with Indian-sounding names. Additionally, these apps violate Google’s policies, which set limits on interest rates and require a repayment tenure of no more than 60 days.
For users’ security and to maintain compliance with Google’s policy, it is crucial to promptly remove any such SpyLoan apps from their devices.