SAN FRANCISCO: Nearly 300 loan apps circulating on Google Play and the Apple App Store exhibit predatory behavior, such as stealing excessive user data from mobile devices and harassing borrowers for repayment, a new report finds. It’s gone.
According to cloud security company Lookout, these loan apps exploit victims’ desire for quick cash to lure borrowers into predatory loan contracts and require them to provide access to sensitive information such as contacts and SMS messages.
Some victims have reported that their loans were accompanied by hidden fees, high-interest rates and repayment terms that were not as favorable as advertised.
Lookout also found evidence that data extracted from devices was sometimes used to pressure borrowers into repayment, a common threat to expose borrower loans to their networks. ‘s strategy.
Lookout researchers found 251 Android apps that had been downloaded more than 15 million times.
On the Apple App Store, researchers discovered 35 apps that were among the top 100 finance apps in their regional stores.
Meanwhile, in August, Google removed over 2,000 controversial personal loan apps from its Play Store in India in the January-June period after consulting law enforcement agencies.
Back in May, Google announced that it would require personal loan apps in India to meet additional proof of eligibility requirements.
Last month, Google ordered loan apps in Kenya to submit proof of their license to operate in the country, or they risk being removed from the Google Play store.