Google removed 17 apps
Google has decided to remove 17 apps from its Play Store that were referred to as “SpyLoan” apps because they were using data harvesting and predatory loans to defraud Indian users.
To Put It Briefly
- Users were tricked by the apps into giving access to their personal information.
- They then used intimidation and blackmail to force victims to return loans.
- Prior to their removal from the Play Store, these apps were downloaded by over 12 million users.
Google removed 17 apps from the Play Store that were using data harvesting and predatory loans to target Indian users. Researchers have dubbed these apps “SpyLoan” apps because they were made to take advantage of people’s faith in reputable lenders.
Here is the App list:
AA Kredit
Amor Cash
GuayabaCash
EasyCredit
Cashwow
CrediBus
FlashLoan
PréstamosCrédito
Préstamos De Crédito-YumiCash
Go Crédito
Instantáneo Préstamo
Rápido Crédito
Finupp Lending
4S Cash
TrueNaira
EasyCash
These apps were allegedly available in Nigeria, Singapore, Malaysia, Indonesia, Mexico, Kenya, Egypt, Pakistan, Thailand, Vietnam, Philippines, and India. It is estimated by researchers that more than 12 million users downloaded these apps prior to their removal from the Play Store.
These malicious apps tricked users into giving them extensive permissions to access their personal data, according to a report published by ESET Research. The applications will steal a lot of data once they are installed, including browsing history, SMS messages, contact lists, and images. After that, victims were harassed and blackmailed into repaying loans with astronomical interest rates using this data.
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These apps were allegedly available in Nigeria, Singapore, Malaysia, Indonesia, Mexico, Kenya, Egypt, Pakistan, Thailand, Vietnam, Philippines, and India. It is estimated by researchers that more than 12 million users downloaded these apps prior to their removal from the Play Store.
How these applications operated
Researchers have found that SpyLoan applications deceived users into downloading them by pretending to be reputable lenders. Once installed, these apps unintentionally granted broad permissions that allowed them to access users’ personal data. After that, victims were coerced into paying astronomical interest rates on radically shortened repayment terms—virtually impossible repayment—by using this information. In essence, these predatory apps prey on the desperate individuals who require immediate financial support.
Victims made large returns.
The real annual cost of the loans (TAC), according to victims of these loan applications, is substantially higher than what is advertised, and the repayment schedule is far shorter than what reputable banks provide.
In addition, a few borrowers faced coercion to settle their debts in the following five days, an improbable deadline for numerous individuals. Furthermore, the report disclosed that the actual yearly expenses of these loans varied greatly, ranging from 160% to 34%.
According to reports, the effects of these SpyLoan apps have been disastrous for victims, and some have sadly resorted to suicide because of the extreme pressure to repay their loans.
