HomeTechnologyGoogle removes 17 ‘SpyLoan’ apps from Play Store

Google removes 17 ‘SpyLoan’ Apps from Play Store, protecting people from blackmail & harassment

Google cracks down on predatory loan apps. Disguised as legitimate lenders, these apps exploited users, stealing data and pressuring them into impossible loans.

Girish Anshul
New Delhi,UPDATED: Dec 8, 2023 16:52 IST
Google removes 17 ‘SpyLoan’ apps from Play Store

Highlights

  • Google takes action against 17 ‘SpyLoan’ apps that exploited users with exorbitant loans and data theft
  • Over 12 million downloads across 12 countries highlight the global reach of these malicious apps
  • Stay informed, research apps, and be cautious about permissions to avoid falling victim to future scams

Google has taken a critical step in protecting users from predatory lending practices by removing 17 ‘SpyLoan’ apps from the Play Store. These malicious apps, disguised as legitimate loan providers, exploited user trust and harvested sensitive data for blackmail and harassment.

How SpyLoan apps operated

  • Camouflaged as loan providers: These apps tricked users into downloading them by posing as genuine loan providers.
  • Data theft through permissions: Once installed, they gained access to extensive personal data like contacts, SMS messages, photos, and browsing history through granted permissions.
  • Blackmail and extortion: Stolen data was used to harass and pressure victims into repaying exorbitant loans with unrealistic interest rates and shortened repayment periods.

Global impact and devastating consequences

  • Millions affected: These apps were operational in 12 countries and downloaded over 12 million times.
  • Excessive interest rates: Victims faced annual costs ranging from 160 percent to 340 percent on loans.
  • Tragic outcomes: The report reveals instances of victims resorting to suicide due to the immense pressure to repay these predatory loans.

Google's response and user precautions

  • App removal: Google has removed over 200 SpyLoan apps in the past year, including the 17 recently identified ones.
  • User vigilance: Google encourages users to be cautious and take measures to protect themselves from such apps.

Here's how you can stay safe

  • Research apps: Before downloading any financial app, research its legitimacy through user reviews, ratings, and online information.
  • Review permissions: Pay close attention to app permissions. If an app requests access to sensitive data unrelated to its function, avoid it.
  • Check developers: Verify the developer's details and reputation before downloading any app.
  • Use reputable sources: Download apps only from official app stores like Google Play or Apple App Store.
  • Stay informed: Knowledge is power. Keep yourself updated on emerging cyber threats and scams to avoid falling victim to them.

By following these precautions, you can significantly reduce your risk of encountering and falling victim to predatory apps like SpyLoan.