Many of our tasks have become easier in this digital world, today you can do a lot of work instantly at your fingertips. Cybercrime has also increased with these facilities. Which causes you financial loss and can become a cause of trouble. One of the most dangerous trends among these is the rise of fake loan apps, which lure users by promising low-interest loans, only to steal personal information and blackmail. Let's know how these apps work and how to avoid them-

Scammers targeting with fake loan offers

Fake loan apps promise loans at low interest rates, which are to win your trust. Once downloaded, they misuse the permissions given by users, such as access to SMS, call logs, contacts, camera and microphone.

How they steal your information

After gaining access to your phone, these apps collect sensitive data to scare and blackmail you into paying more money.

Appearance of legitimacy

These apps are designed to appear to be related to well-known financial institutions, with fake names and professional-looking marketing material, making them seem trustworthy to the unsuspecting user.

Influence and reach

15 such fake loan apps have been downloaded over 8 million times, which shows the scale of this scam. Some have already been removed from app stores.

Staying safe

It is important to avoid installing unknown apps, especially those that promise easy loans at suspiciously low interest rates.

Disclaimer: This content has been sourced and edited from [abplive].