The Furry Hand (La Mano Peluda, which can also be translated as the Hairy Hand) is a Latin American legend, better known in South America, particularly, Colombia.
This legend is used to scare children into staying in their bed after the lights are off. However, not even in your bed at home were you safe, because The Furry Hand was always there just waiting for you to step out of bed after bedtime.
Legend has it, originally the hand had belonged to a man who was killed during the inquisition for practicing witchcraft. Because some of the potions he had been preparing before dying had leaked into the skin of his hand (which also explains the extra hairiness), the hand came back to life, leave the unmarked tomb in which the man had been buried and with nothing better to do, and not good place to hide, it came to live under the bed of children, mostly those who had trouble falling asleep and staying put after bedtime.
Its mission: to grab you by the ankle and drag you to who knows where.
Personally, this is one of my all time favorite scary stories, one that made trips to the toilet in the middle of night a truly terrifying experience.
-Bennett, Gillian. "Legends: Performance and Truth." Contemporary Legend: A Reader (1996): 17-40.