An Android device owner downloaded a malicious loan app from the following site: Google Play Store According to one study, 12 million times since 2020 Report from ESET Research Tuesday. In this report, we identified 18 fraudulent apps that claim to offer quick and easy high-interest loans. In reality, the app steals victims’ personal and financial information to blackmail users, sometimes blackmailing their families or stealing money.
ESET classifies these frauds as ‘SpyLoan apps’ as they utilize spyware. Google has reportedly removed the identified SpyLoan apps from the Google Play Store since ESET alerted them. According to research, the SpyLoan app will increase by 90% in the first half of 2023, mainly targeting users outside the US and Europe. Fraudulent apps may impersonate the name or brand of your loan provider or financial institution.
Google confirmed ESET’s report in an email to Gizmodo. “We take security complaints against our apps seriously and take appropriate action if we find that an app violates our policies,” a Google spokesperson said.
Once the SpyLoan app is installed, the attackers can harass or threaten victims to force them to pay, even if the user did not apply for a loan or was not approved. Some users left negative reviews, pointing out that the app often does not send loans at all and harasses users endlessly. In extreme cases, users say the app’s enforcers have threatened the safety of their families.
One user shared a screenshot from one of the SpyLoan apps and texted: …Do you really want to risk your safety? …Are you prepared to pay the consequences?
SpyLoan apps often disguise themselves as legitimate fintech apps and have recently become popular for providing highly accessible financial services to people who would normally not have access to them. These bypass Google Play’s app requirements by copying the app description of other fintech apps.
ESET reports that users from countries such as Mexico, Indonesia, Thailand, Vietnam, India, Pakistan, Colombia, and Peru were victims of the SpyLoan app.