Android users are being warned about a fast-growing threat called SpyLoan. According to ESET’s cybersecurity researchers, the virus, which targets financial apps, has been seen in dozens of pieces of software. It has also raised eyebrows with more than 12 million downloads on Google Play this year alone.
Is the SpyLoan virus for Android dangerous?
Threat actors have reportedly reached 12 million people on Google Play. However, the real number is thought to be much higher, with the possibility that the apps were distributed from third-party stores.
Once installed, SpyLoan apps can steal a variety of sensitive data from infected devices. Researchers say these apps can access contacts, call logs, location data, text messages and photos.
The apps are mainly fake financial services. SpyLoan-laden apps pretend to be legitimate financial services and claim to provide fast loans to users. Users are then tricked into accepting high-interest loan payments. Those who refuse to pay are blackmailed by threat actors.
Google says it has removed 17 SpyLoan apps this year, but fraudulent distributions continue. Throughout 2023, the SpyLoan threat was reported in countries from Mexico to Greece.
Experts warn users against apps that ask for too many permissions. They also urge users to double check when downloading credit and finance apps.
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