The internet is full of dangerous SpyLoan apps that maliciously pretend to lend money to users. Researchers from cybersecurity firm ESET have discovered that several fraudulent instant loan apps are targeting her Android users in India and other countries. The company identified 18 SpyLoan apps and reported them to Google. The tech giant has already removed 17 of these apps from the Play Store. However, these apps were downloaded a total of more than 12 million times worldwide from Google Play before being removed.
Why users should remove these apps
Researchers recently observed an “alarming increase” in fraudulent Android loan apps. These apps pose as legitimate personal loan services and promise quick and easy access to your funds.
Although these services appear to be lucrative, they are designed to trap users by offering loans at high interest rates and are backed by deceptive statements. On the other hand, these apps also collect victims’ personal and financial information to blackmail them. Therefore, users who have already downloaded these apps are advised to remove them from their devices immediately.
For these apps, the company uses the detection name SpyLoan. This directly refers to the combination of spyware functionality and loan claims. The SpyLoan app is sold through social media and SMS messages. These apps can also be downloaded from dedicated scam websites, third-party app stores, and formerly Google Play.
Researchers also found that some of these SpyLoan app websites also listed open positions. These job listings appear to be stolen from Indian companies or use generic stock photos featuring Indian-sounding names.
These apps also do not comply with Google’s policy of capping interest rates and repayment terms of 60 days or more. PhoneArena’s report also lists the following app names:
Why users should remove these apps
Researchers recently observed an “alarming increase” in fraudulent Android loan apps. These apps pose as legitimate personal loan services and promise quick and easy access to your funds.
Although these services appear to be lucrative, they are designed to trap users by offering loans at high interest rates and are backed by deceptive statements. On the other hand, these apps also collect victims’ personal and financial information to blackmail them. Therefore, users who have already downloaded these apps are advised to remove them from their devices immediately.
For these apps, the company uses the detection name SpyLoan. This directly refers to the combination of spyware functionality and loan claims. The SpyLoan app is sold through social media and SMS messages. These apps can also be downloaded from dedicated scam websites, third-party app stores, and formerly Google Play.
Researchers also found that some of these SpyLoan app websites also listed open positions. These job listings appear to be stolen from Indian companies or use generic stock photos featuring Indian-sounding names.
These apps also do not comply with Google’s policy of capping interest rates and repayment terms of 60 days or more. PhoneArena’s report also lists the following app names:
- AA credits
- Amor Cash
- guayaba cash
- easy credit
- Kashwau
- credit bus
- flash loan
- prestamos credit
- Prestamos De Credito-YumiCash
- use credit
- instant prestamo
- Karterra Grande
- rapid credit
- Finp Lending
- 4S cache
- true naira
- easy cash
end of article