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Predatory Loan Apps Are Thriving in Google Play Store, Despite Ban
Tens of thousands of people have fallen victim to predatory loan apps, which extort users using sensitive information from their phones. Google has changed its policy to prevent the loan apps from being listed on the Play store, but enforcement is unreliable. Rest of World: According to Mexico City'...
Rest of World: According to Mexico City's Citizen Council for Safety and Justice, a consumer watchdog group, 135 reports to local authorities have been filed against JoyCredito for fraud and extortion. Rest of World presented Google with 15 instances of exploitative loan apps based in Mexico that explicitly violate the terms of the Play store. Rest of World also found 10 apps in Peru that have been flagged as exploitative by SBS, a national body that oversees banking, insurance, and private pension.
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