Recently, Google has issued a warning, urging users to uninstall 17 fraudulent loan-giving apps. The tech giant Google removed 17 loan-giving apps from the Play Store. These apps were engaging in fraudulent activities, duping people, stealing their personal data, and containing spyware.
Google’s report identified 18 apps, of which 17 were removed. However, the developers of One Up changed their policy in accordance with Google, preventing its removal from the Play Store.
A research report by the cybersecurity firm ESET revealed that many fraudulent instant loan apps are predominantly targeting Android users.
Google removed these loan apps from Play Store.
| 1. AA Kredit | 9. Go Credito |
| 2. Amor Cash | 10. Instantaneo Prestamo |
| 3. GuayabaCash | 11. Cartera grande |
| 4. EasyCredit | 12. Rapido Credito |
| 5. Cashwow | 13. Finupp Lending |
| 6. CrediBus | 14. 4S Cash |
| 7. FlashLoan | 15. TrueNaira |
| 8. PrestamosCredito | 16. EasyCash 17. Prestamos De Credito-YumiCash |
These apps are still active on the internet through third-party sources.
Before Google’s action, these apps had been downloaded 1.20 million times. According to the report, the 17 loan apps removed by Google are still active on the internet, deceiving people through text messages and social media platforms. They operate in countries including India, Mexico, Indonesia, Vietnam, Pakistan, Colombia, Peru, the Philippines, Egypt, Thailand, Kenya, Nigeria, and Singapore.
They also threaten to kill users and blackmail them.
These apps blatantly violate Google’s policies and Play Store regulations. Not only did they offer instant loans with exorbitant interest rates and tight repayment schedules, but they also extracted user details and resorted to blackmail. The ESET report revealed that these apps were involved in blackmail and issuing death threats through loan apps.
Even if users did not apply for a loan or there was no loan section, they were blackmailed based on information acquired from the app.
Charging more interest than necessary.
In some instances, people were given only 5 days to repay the loan instead of the standard 91 days, with an Annual Cost of Loan (TAC) ranging from 160% to 340%, which is excessively high. These apps, during installation, requested various permissions to access personal information saved on the device.
How to identify fraud loan apps on Google Play Store.
Check for RBI certificate in loan apps on the Play Store.
According to the Reserve Bank of India (RBI), ensure that any listed loan-giving website or app is registered with the RBI or affiliated with an RBI-registered bank or NBFC (non-bank financial company). All loan-giving companies must display their Company Identification Number (CIN) and Certificate of Registration (COR).
