Dangerous predatory loan applications, known as SpyLoan or fake loan apps, are growing in numbers in the App Store, many with millions of installs.
McAfee’s mobile research team, a security software company, has raised an alarm on the growing wave of these predatory loan apps that are disguised as legitimate financial services but trick users into providing excessive sensitive information and unnecessary permissions, which can lead to financial loss, extortion, and harassment.
They’ve identified fifteen of these apps, with a combined total of over 8 million installs, many of which are still up and available for download.
These apps’ appearance and marketing can appear to offer helpful financial services and use known logos. However, they are intrusive with excessive personal information gathering, unethical measures for their services and/or unauthorized charges. Many have been reported and removed, but others rename or reuse the code for new apps generating fake positive reviews to mask real user experiences.
When browsing for an app:
- Be Cautious with Advertisements: Double-check ads and offers offering uncommon deals which may be too good to be true.
- Be Cautious with Permissions: Review permissions you are granting when installing apps, especially ones that handle personal information like finance apps.
- Verify Apps: Review the application and publisher on the App Store to make sure your dowload the right app. If in doubt, go to the official developer’s website for a direct link.
Learn more about McAfee’s full report analysis here.
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