Google Removes 17 Loan Apps for Spying, Fraudulent Practices Find out what they are. With an active user base of over three billion, google android has the largest mobile OS market share. google has banned 17 apps from the Play Store targeting indian users. google has banned 17 apps known as 'Spylon' apps from its Play Store for exploiting indian users through predatory loans and data collection. google has removed 17 apps from the Play Store that targeted indian users through predatory lending and data collection. Dubbed "SpyLoan" apps by researchers, these apps are designed to exploit users' trust in legitimate lenders.
According to a report by ESET Research, these malicious apps trick users into giving them extensive permissions to access their personal data. Once installed, the apps steal a wide range of information, including contact lists, SMS messages, photos and browsing history. These data were then used to threaten and harass the victims into repaying the loans with high interest rates. The app is said to be active in India, Pakistan, Thailand, Vietnam, Mexico, Indonesia, Colombia, Egypt, Kenya, Peru, Philippines, singapore and Nigeria. Researchers believe that more than 12 million people downloaded these apps before they were removed from the Play Store.
Researchers have discovered that Spilon apps disguised themselves as legitimate lenders and tricked users into downloading them. This information was then used to intimidate victims into paying higher interest rates with shortened repayment periods. This makes repayment almost impossible.
Basically, these predatory apps exploit the desperation of people who need quick financial assistance. Victims of these loan applications also report that the actual annual cost (TAC) of the loans is higher than advertised. And the repayment period is significantly less than what regular banks offer.
Also, many borrowers were pressured to pay off their loans within the next five days, an unrealistic deadline for many. Additionally, the report revealed that the actual annual cost of these loans ranged from 160 percent to 340 percent. Reports indicate that the impact of these SpyLoan apps has been devastating for victims, with some even taking their own lives due to the overwhelming pressure to repay their loans.
The app's deceptive nature became apparent when users were forced to provide detailed personal information under threat of credit denial. This blatant manipulation led to over 12 million downloads worldwide, and google finally removed them from the Play Store. google said it is committed to protecting users from predatory apps and has removed more than 200 SpyLoan apps from the Play Store in the past year. However, the company admits that these apps are still easy to download and install. The company therefore urges users to be vigilant and take precautions and safety measures to protect themselves.
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