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.
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.
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
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