Malicious Loan Apps Target Android Users in Africa, South America and Asia

Researchers at McAfee warn of a surge in malicious loan apps targeting Android users across South America, Southern Asia, and Africa. 

The apps, which McAfee tracks as “SpyLoan,” are spread via links on social media, and are often distributed through official app stores like the Google Play Store. The apps frequently impersonate legitimate banks in the targeted regions.

“The McAfee mobile research team recently identified a significant global increase of SpyLoan, also known as predatory loan apps, on Android,” the researchers write. “These PUP (potentially unwanted programs) applications use social engineering tactics to trick users into providing sensitive information and granting extra mobile app permissions, which can lead to extortion, harassment, and financial loss.”

The researchers discovered fifteen apps with a combined total of over eight million installations. SpyLoan infections increased by more than 75% from the end of Q2 to the end of Q3 2024. The apps are designed to harvest personal information and trick victims into handing over their money.

“SpyLoan apps are intrusive financial applications that lure users with promises of quick and flexible loans, often featuring low rates and minimal requirements,” McAfee explains. “While these apps may seem to offer genuine value, the reality is that these apps primarily exist to collect as much personal information as possible, which they then may exploit to harass and extort users into paying predatory interest rates.

They employ questionable tactics, such as deceptive marketing that highlights time-limited offers and countdowns, creating a false sense of urgency to pressure users into making hasty decisions. Ultimately, rather than providing genuine financial assistance, these apps can lead users into a cycle of debt and privacy violations.”

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McAfee has the story.