Millions of Android users are being warned to stay alert and check their devices for a new type of threat. This scary warning, which has been issued by the security team at McAfee, comes after a huge number of Android users have been targeted by so-called SpyLoan attacks. The strike uses the lure of enticing apps that claim to offer cheap and fast ways to get instant money added to bank accounts.

What makes this threat worse is that a number of these scary applications could be found on Google’s official Play Store, making it far more likely that people would end up installing them.

The problem has now become so big it’s thought the SpyLoan apps may have been downloaded up to 8 million times.

Once installed, the software uses tactics such as countdown timers and the promise of cheap, quick and flexible loans to get people to hand over personal data, including bank details, passport-style photos and home addresses.

McAfee also says that the software asks for worrying permissions such as contacts, SMS, storage, calendar, phone call records and even microphone or camera.

All of this data is then used to harass the user when high interest rates aren’t paid and even send threatening messages to friends and family.

McAfee says it reported all the apps discovered to Google. The US technology giant has since notified the developers that their apps violate Google Play policies and fixes are needed to come into compliance. Some apps were also fully suspended from Google Play, while others were updated by the developers to make sure they now comply.

For now, all of the SpyLoan attacks have taken place outside of the UK and Europe, but McAfee says all users still need to remain alert.

“The threat of Android apps like SpyLoan is a global issue that exploits users’ trust and financial desperation. These apps leverage social engineering to bypass technical security measures and inflict significant harm on individuals. Despite law enforcement actions to capture multiple groups linked to the operation of SpyLoan apps, new operators and cybercriminals continue to exploit these fraud activities”

To help you stay safe, McAfee has also now released some guidance and tips to avoid becoming a victim of scams and online threats.

How To Protect Yourself

• Be Cautious with Permissions

• Review Permissions Carefully: Be wary of apps requesting permissions that seem unnecessary for their function.

• Limit Permissions: Deny permissions that are not essential.

• Verify App Legitimacy

• Read User Reviews: Look for patterns of complaints about fraud or data misuse, pay special attention in apps with polarized reviews that might contain fake positive reviews.

• Research the Developer: Look up the developer’s name, website, and reviews. Even if the app contains privacy policy which is mandatory on Google Play this might not be honored by scammers.

• Don’t Share Sensitive Information: Provide personal data only to trusted and verified entities.

• Be Skeptical of Unrealistic Offers: If it sounds too good to be true, it probably is.