The Google Play Store is the safest place to download Android apps, but it’s not scam-free. There are plenty of shady apps on the service, and while Google does its best to take them down when they appear, they can’t get them all. Such is the case of the rise of “SpyLoan” apps that reel you in with the promise of low-interest loans but instead harvest your personal data and blackmail you with it.
Malicious Android Loan Apps Are Harvesting User Information
As reported byMcAfee, these malicious data-harvesting loan (known as “SpyLoan”) apps are making the rounds on the Google Play Store. They begin as an enticing deal, offering victims a loan with high acceptance rates, a fast processing time, and low interest. The scammers will also mimic real financial institutions to make the app look professional.
Once you download the app, it begins harvesting data. First, it asks for excessive permissions from your Android phone, such as accessing the microphone, camera, call logs, SMS messages, and contacts.
Once the scammers have wrapped you in with the initial offer, they will loan you less than you requested and at higher rates than advertised. Because scammers now have your personal information, they can harass you for payments, even if the due date isn’t near.
Victims of this scam report death threats from the scammers or creating AI-generated sexually explicit images using the victim’s likeness and claiming they’d send it to their contacts if they don’t pay up.
How to Avoid a SpyLoan Attack
If you’re worried about falling for a SpyLoan attack, here are a few ways to avoid them:
Loans are a serious obligation and should never be accepted by anyone who seems even remotely shady. If you remember these tips, you’ll spot SpyLoan apps long before you download one.
