Google takes down 17 loan apps for spying, fraudulent practices

[Representational Image] Fraudulent financial support apps illegally access photos and videos to threaten loan defaulters.

Credit: Reuters Photo

With more than three billion active user-base, Google Android holds the biggest mobile OS market share. However, it also attracts cyber criminals who prey on naive users.

One of the ways to lure potential victims is to provide lucrative offers such as quick loans with less paperwork. However, people while downloading such loan apps, unknowingly permit them to access contacts, photo albums, and other sensitive data on phones.

Contrary to the terms and conditions mentioned while approving loans, the apps without any notice increase interest rates and demand them to pay off the loan amount within a week instead of the pre-determined 90 days (minimum time frame).

When a person defaults on installments, the loan app developer illegally accesses the personal details such as photos, and videos, and threatens to share them on social media platforms.

Some times even harass the defaulter's relatives too. They can even go to the extent of giving death threats. This causes mental stress to people and we have seen cases of suicides due to threats and humiliation.

ESET, which is part of Google's App Defense Alliance has identified 18 such SpyLoan apps operating in India, Mexico, Indonesia, Thailand, Vietnam, Pakistan, Colombia, Peru, the Philippines, Egypt, Kenya, Nigeria, and Singapore. It should be noted that 12 million people have downloaded those apps (list below) and are reported to have faced harassment.

These malicious applications exploit the trust that users place in legitimate loan providers, using sophisticated techniques to deceive people and steal a very wide range of personal information

ESET researcher Lukáš Štefanko, who uncovered many of the SpyLoan apps.

“It is crucial for individuals to exercise caution, validate the authenticity of any financial app or service, and rely on trusted sources. By staying informed and vigilant, users can better protect themselves from falling victim to such deceptive schemes,” Štefanko added.

After notifying the issue to Google, the company has taken down 17 SpyLoan apps and one app is under review.

Here is the list of fraudulent SpyLoan apps:

1) AA Kredit

2) Amor Cash

3) GuayabaCash

4) EasyCredit

5) Cashwow

6) CrediBus

7) FlashLoan

8) Préstamos Crédito

9) Préstamos De Crédito-YumiCash

10) Go Crédito

11) Instantáneo Préstamo

12) Cartera Grande

13) Rápido Crédito

14) Finupp Lending

15) 4S Cash

16) TrueNaira

17) EasyCash

Tips on how to safeguard yourself from such SpyLoan apps:

--These fraud loan apps developed by unfamiliar companies are marketed through SMS, and social media platforms offering lucrative low interest rates. But, never ever install such apps even from Google Play Store

--While installing any financial app, never grant permission to the app to access photo gallery, contact list, SMS and emails

--Instal only official bank apps or digital wallet apps developed by big trustworthy companies, which have presence all over the country

--Install anti-virus apps to keep a check on actitivities of fraudulent apps

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