According to a report by ESET Research, these apps had over 12 million downloads worldwide from Google Play before being removed.
Such deceptive Android loan apps are called “SpyLoan apps”.
ESET researcher Lukas Stefanko, who discovered many of the SpyLoan apps, said: “These malicious applications exploit the trust users have in legitimate loan providers and use sophisticated techniques to and steal a very wide range of personal information.”
According to the report, the creators of these apps have used intimidation and harassment, including death threats, primarily in Mexico, Indonesia, Thailand, Vietnam, India, Pakistan, Colombia, Peru, the Philippines, Egypt, Kenya, He is said to be active in Nigeria. ,Singapore.
Beyond data collection and extortion, these services represent a modern form of digital loan sharking, which refers to taking advantage of vulnerable individuals and charging excessive interest rates on loans.
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Victims of these loans say the total annual cost (TAC) of these loans is much higher than stated and the term of the loan is much shorter than stated.
In some cases, borrowers were pressured to repay their loans in five days instead of the required 91 days, and the TAC on the loans ranged from 160% to 340%, the report said.
Researchers traced the origins of the Spyloan program back to 2020.
When installing the SpyLoan app, users must agree to the terms of service and grant extensive permissions to access sensitive data stored on their devices.
According to the privacy policies of these apps, if these permissions are not granted, no loans will be provided. Users are also required to provide extensive personal information to complete the loan application process, the report said.
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