Lifeboat Foundation

Cybersecurity firm McAfee says it’s identified a “significant global increase” in a smartphone hack that triggers extortion, harassment and drains bank accounts.

McAfee says hackers are increasingly deploying a group of malicious financial apps containing “SpyLoan” malware, posing a serious threat with more than eight million active installations around the world.

The apps are on Google Play and use the names, logos, brand colors and interfaces of well-known financial institutions.