Millions of Android users are unwittingly giving up their sensitive information by installing harmful applications. Cyber security company McAfee has called for alarm on 15 malicious apps that have gained downloads over 8 million, hence posing a global threat.
The so-called "SpyLoan" apps are made to swindle users by unauthorized access to users' personal information causing extortions, harassment, and financial losses.
Dangerous Loan Apps Flock on Google PlayStore
McAfee considers these apps as a global growing threat, especially predatory loan applications that promise instant monetary relief but do nothing more than manipulate users into giving permission for intrusive access to the user's data, undermining the security of the same. According to The New York Post, reviews are often five-star and, therefore, seem credible, but actual complaints by real users point out threats, scams, and unethical practices.
SpyLoan apps, which have been a cause for concern over the last four years, have picked up much activity recently.
According to McAfee, between its second and third quarters, the number of such applications increased by 75%. Although Google has removed several of these applications from its Play Store, others are accessible through developer updates.
How SpyLoan Destroys Your Device
The malicious application behind these SpyLoan apps can do the following things. Pay attention to your phone since the malware can silently slow down your device.
- Harvests Personal Data: Sensitive details like financial information are collected without consent.
- Hijacks Permissions: Gains access to contacts, messaging apps, and other critical functionalities.
- Engages in Exploitation: Users report receiving threats, extortion attempts, and harassment from app operators.
How to Protect Yourself From Predatory Loan Apps
To safeguard your smartphone and personal information, follow these critical steps:
1. Verify app legitimacy
Research the app developer and ensure they are registered and licensed in your country.
Read real reviews beyond the stars. Be on the lookout for repetitive feedback that can point to scams.
2. Review app permissions
Be sure to review exactly what permissions the app is asking for. Only approve permissions as necessary. Regularly audit and limit permissions on apps you already have installed.
3. Update your devices regularly
Ensure that your device software and security features are up-to-date. Updates often patch vulnerabilities.
4. Avoid sharing financial or personal information
Only share financial or personal information when it's absolutely necessary and secure.
5. Report any signs of fraud
If it is suspected that an app is fraudulent, a report to the app store and local authorities should be made. Malicious software like loan apps should be removed immediately to avoid further damage.
McAfee and other cybersecurity companies have pointed out that one needs to be alert as cyber threats are evolving. ESET, another cybersecurity leader, had previously highlighted similar apps and called upon Android users to be proactive.
Education, caution, and effective device security can significantly reduce the risk of falling victim to such scams.
For your part, do not instantly install an app. Review the creator and check if it's a legitimate developer. Your smartphone is a powerful tool—keep it safe from those who seek to exploit it.
Related Article: Google to Restrict Loan Apps from Accessing User Photos, Contacts
