A recent McAfee report and other cybersecurity experts have revealed the existence of malicious applications, known as SpyLoan, that disguise themselves as legitimate personal loan services. These apps, even present on Google Play, use social engineering strategies to deceive users and collect sensitive information, such as bank details, contacts and call logs, exposing them to fraud and blackmail.
How do SpyLoan apps operate?
Apps in this category promise fast and affordable loans, but hide spyware designed to extract sensitive data. In many cases, they also impose abusive conditions, such as disproportionate interest, and use threats and extortion to secure payment. Since its appearance, more than 17 applications of this type have been identified, which together exceed 12 million downloads in countries such as Mexico, Colombia, India, and the Philippines, according to the antivirus portal.
Predatory lending app activities have been detected in various parts of the world.
Ranking of the 10 countries with the greatest presence of fake loan applications according to McAfee
Data for the third quarter of 2024:
- India
- Mexico
- Filipinas
- Indonesia
- Thailand
- Kenya
- Colombia
- Vietnam
- Chile
- Nigeria
Name of the applications and the number of downloads in Latin American countries:
Victims’ experiences
Different users have commented on their disturbing experiences, such as:
- Receive threatening calls and death threats for late payments.
- They use photographs and personal identification inappropriately to intimidate them.
- The app accesses your contacts to send harassing messages to friends and family.
Measures to protect yourself
- Avoid downloads from unofficial sources: Installing only from trusted stores like Google Play can reduce risks, although not eliminate them completely.
- Review permissions and privacy policies: Before installing an app, check what type of access it requests and make sure it is consistent with its function.
- Use security applications: Tools like antivirus can identify and block malicious applications.
- Analyze user reviews: Negative reviews often expose suspicious behavior.
Although Google has removed most of these apps from its store, it is still crucial that users take extra precautions when downloading financial software. If you suspect your device is infected, uninstall the app immediately and consult a computer security specialist to protect your data. (I)
