With millions of downloads, Google has removed 17 “SpyLoan” apps from the Play Store. That means, if accidentally installed, Android users need to remove them from their devices.
Since the beginning of this year, Slovakia-based security company ESET says it has observed an alarming increase in fraudulent loan apps on Android claiming to be “loan services”. legal individuals, promising quick and easy access to personal spending funds.”
“Despite their appealing descriptions, in reality, these services are designed to defraud users by offering them high-interest loans, while harvesting victims’ personal and financial information. for blackmail,” ESET said. As a result, ESET has identified these applications as SpyLoan as directly referencing spyware functionality combined with their loan requests.
A report by Dark Reading said SpyLoan apps present themselves as a legitimate financial service for personal loans, promising easy access to capital. This is done with the intention of tricking users into signing up for high-interest payments. During the registration process, crooks also collect victims’ personal and financial information to blackmail them. Victims of SpyLoan apps say the annual costs of loans offered on these apps are much higher than regulations and loan terms are shorter. These loans are marketed through SMS messages and social media.
The list of 17 SpyLoan applications that Google has removed from the Play Store includes AA Kredit, Amor Cash, GuayabaCash, EasyCredit, Cashwow, CrediBus, FlashLoan, PréstamosCrédito, Préstamos De Crédito-YumiCash, Go Crédito, Instant Loan, Large Wallet, Fast Credit, Finupp Lending, 4S Cash, TrueNaira and EasyCash.
ESET said these apps target users living in Southeast Asia, Africa, and Latin America. Also according to ESET, they identified 18 SpyLoan applications and reported them to Google before 17 of these applications were removed from the Android app store platform. These apps had a total of more than 12 million downloads before being removed. The only remaining app in the report has changed its behavior, so ESET no longer detects it as the SpyLoan app.