Here’s how cybercriminals are using nearly 300 loan apps to steal your data

A trove of nearly 300 loan apps has been found on Google Play Store and Apple App Store that are used by cyber criminals to exfiltrate excessive user data and harass borrowers for repayment. The apps, which were spotted by cybersecurity company Lookout Threat Lab, were found in Southeast Asian and African countries, including India, Colombia and Mexico.

How scam loan apps target users

These apps claim to offer quick, fully-digital loan approvals with reasonable loan terms. However, in reality, they exploit victims’ desire for quick cash. They trick users into agreeing to predatory loan contracts and ask them to grant access to sensitive information such as contacts and SMS messages.