Mexico warns of fake loan apps that use extortion to collect debts

These apps pretend to be legitimate lenders and promise quick loans.

After getting access to a user’s phone data, operators may demand far more money than they lent and threaten the borrower’s contacts.

The agency says asking for an upfront payment to release a loan is a sign of fraud.

The warning matters because these schemes can lead to financial loss and the misuse of personal information.