In addition to huge percentages, apps have another interesting feature.
ESET warns about the danger of fraudulent applications on Android for lending, which began to spread actively from the beginning of 2023. The apps pretend to be legitimate loan services, promising quick and easy access to funds. However, in reality, they are designed to deceive users by offering loans at high interest rates and collecting personal and financial data of victims to blackmail and extract funds. ESET named the set of apps SpyLoan, which reflects their spy-like nature combined with loan offers.
SpyLoan applications request various confidential information from users and transmit it to malicious servers. The data is then used to pressure and blackmail users, including in cases where the loan was not granted. There has been a marked increase in such apps in unofficial app stores, on Google Play, and on websites since the beginning of 2023. The main target of the apps is potential borrowers in Southeast Asia, Africa, and Latin America.
As a partner of the Google App Defense Alliance, ESET identified 18 SpyLoan apps and reported them to Google, after which 17 of them were removed from the platform. Prior to their removal, apps were downloaded more than 12 million times from Google Play.
Users who have installed the SpyLoan app are subject to threats and blackmail from operators, even if the user did not apply for a loan or the application was rejected. Reviews of such apps on Facebook* and Google Play describe cases of pressure and threats, including threats to life. In addition to data collection and blackmail, apps charge excessive interest rates on loans, which is particularly unacceptable from the point of view of some religious texts and is regulated by laws to protect borrowers from such malicious practices.
To protect yourself from fraudulent loan applications, it is recommended to download programs from official sources and use a reliable security application for Android, which will help identify potentially malicious applications. It is also important to carefully review user reviews and app privacy policies before installing them.
ESET warns about the danger of fraudulent applications on Android for lending, which began to spread actively from the beginning of 2023. The apps pretend to be legitimate loan services, promising quick and easy access to funds. However, in reality, they are designed to deceive users by offering loans at high interest rates and collecting personal and financial data of victims to blackmail and extract funds. ESET named the set of apps SpyLoan, which reflects their spy-like nature combined with loan offers.
SpyLoan applications request various confidential information from users and transmit it to malicious servers. The data is then used to pressure and blackmail users, including in cases where the loan was not granted. There has been a marked increase in such apps in unofficial app stores, on Google Play, and on websites since the beginning of 2023. The main target of the apps is potential borrowers in Southeast Asia, Africa, and Latin America.
As a partner of the Google App Defense Alliance, ESET identified 18 SpyLoan apps and reported them to Google, after which 17 of them were removed from the platform. Prior to their removal, apps were downloaded more than 12 million times from Google Play.
Users who have installed the SpyLoan app are subject to threats and blackmail from operators, even if the user did not apply for a loan or the application was rejected. Reviews of such apps on Facebook* and Google Play describe cases of pressure and threats, including threats to life. In addition to data collection and blackmail, apps charge excessive interest rates on loans, which is particularly unacceptable from the point of view of some religious texts and is regulated by laws to protect borrowers from such malicious practices.
To protect yourself from fraudulent loan applications, it is recommended to download programs from official sources and use a reliable security application for Android, which will help identify potentially malicious applications. It is also important to carefully review user reviews and app privacy policies before installing them.
