New Delhi,Updated: December 8, 2023 14:32 IST
Google has removed 17 apps from the Play Store that targeted users in India for predatory loans and data collection. These apps, dubbed “SpyLoan” apps by researchers, were designed to exploit the trust users placed in legitimate loan providers.
According to a report by ESET Research, these malicious apps tricked users into giving them extensive permissions to access their personal data. Once installed, the app steals a wide range of information, including contact lists, SMS messages, photos, browsing history, and more. This data was then used to blackmail victims into repaying their loans at exorbitant interest rates.
The apps reportedly operated in countries including India, Pakistan, Thailand, Vietnam, Mexico, Indonesia, Colombia, Egypt, Kenya, Peru, Philippines, Singapore, and Nigeria. Researchers believe that over 12 million people downloaded these apps before they were removed from the Play Store.
How these apps work
Researchers discovered that the SpyLoan app pretended to be a legitimate loan provider to trick users into downloading it. Once installed, these apps gain access to your personal information through extensive permissions that are granted to you without your knowledge. This information blackmailed victims into drastically shortening their repayment terms and paying exorbitant interest rates, making repayments nearly impossible. Essentially, these predatory apps exploit the desperation of people who need immediate financial assistance.
The victim paid a large sum of money
Additionally, victims of these loan applications report that the actual annual cost (TAC) of the loan is much higher than advertised and the repayment period is much shorter than that offered by legitimate banks. I am.
Additionally, several borrowers were pressured to repay their loans within the next five days, an unrealistic time frame for many. Additionally, the report revealed that the actual annual costs of these loans ranged from a staggering 160% to 340%.
According to the report, the impact of these SpyLoan apps has been devastating for victims, with some tragically taking their own lives due to the immense pressure to repay their loans. .
The deceptive nature of these apps was exposed when users were forced to provide extensive personal information under threat of loan denial. This blatant manipulation resulted in over 12 million downloads of him worldwide before Google finally removed it from the Play Store.
Google removes apps from Play Store
Google says it is committed to protecting users from predatory apps and has removed more than 200 SpyLoan apps from the Play Store in the past year. However, the company admits that these apps are still too easy to download and install. The company is therefore urging users to be vigilant and take precautions and safety measures to protect themselves.
how to protect yourself
To avoid falling victim to such malicious apps, you should follow these important points:
- Research the app thoroughly: Do thorough research before downloading any loan or financial app. Check user reviews, ratings, and app reputation online to verify its legitimacy.
- Check app permissions. Be careful when granting unnecessary permissions to apps. If an app requests access to sensitive data that you think is unrelated to its functionality, don’t download it.
- Check developer information. Please check the developer details before downloading the app. Genuine apps usually have well-known developers with good track records.
- Use reliable sources. Use official app stores like Google Play or Apple App Store. Avoid downloading apps from third-party sources as they may not have undergone rigorous security checks.
- Stay informed: Stay up to date on the latest security threats and scams. Awareness is a powerful tool to avoid becoming a victim of malicious activity.