Beware of these malicious lending apps

Due to the Covid-19 pandemic, many people have had to take out loans for various reasons. And as we know, scammers and hackers are always looking for new ways to find victims, so it won’t be surprising to find out that their latest scheme involves malicious loan apps.

Trend Micro has discovered some lending apps available for download on Android that are malicious and used to spy on phone contacts, text messages, photos, video and audio recordings, location data, and other private information. Needless to say, this is completely against Google’s privacy policy and as a result, the offending apps have been removed from the Google Play Store.

A list of fake loan apps

Here is a list of known malicious lending apps:

  • LoanSathi-Personal Loan Application
  • Raise Money – Instant Loan
  • Rich Cash – Moving Rupee
  • Secure Loan Apps – Wallet Payee
  • IND Loan
  • ListoFectivo – Préstamo Rápido

Before LoanSathi was taken down, it had been downloaded over 100,000 times. If you are one of those who have downloaded any of the listed apps, you should immediately remove them from your device and not use them to borrow money.

LoanSathi – downloaded over 100,000 times
Malicious Lending Apps_Raise Cash_20220609
raise money
Malicious lending apps_ListoFectivio_20220609
ListoFectivio — a fake lending app aimed at Spanish speakers
Malicious lending apps_Rich Cash_20220609
Rich Cash – a fake Indian rupee loan app

How to Avoid Malicious Lending Apps

1. Check the app developer

Before installing any app, always check the developer section. Most of the time, you should be able to see the company’s website. If the website is not listed or looks fake, do not install the app.

2. Check that the website is secure

A secure website uses HTTPS. If you don’t see HTTPS in the URL and only HTTP, that means the website is NOT secure, so don’t download the app.

3. Only use trusted lending apps

Be sure to only use loan apps from trusted companies. Do your research and don’t use apps from potentially shady companies.

4. Read reviews

Always read reviews on the Play Store or App Store before downloading an app. If you see bad reviews mentioning scams or weird business practices, that’s a major red flag.

5. Always Pay Attention to Requested Permissions

If you give an app lots of permissions without realizing it, you could be passing a lot more data than you think.

Use Trend Micro Mobile Security to protect against malicious applications

Trend Micro Mobile Security provides comprehensive protection against malicious lending apps and other malware. Its real-time security scanning feature offers the most comprehensive anti-malware capabilities available. Download today to stay protected.

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