BEWARE! THESE LOAN APPS ARE BANNED IN INDIA
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With the rise in digital transactions, cyber criminals have designed innovative ways to siphon off money from people
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Prominent among them are the loan apps that deceive people by making them believe they are genuine
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If a user installs any of these apps, they can steal personal information and financial details
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The government and RBI constantly engage with stakeholders like Google and Apple to remove such fraudulent apps
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Between April 2021 and July 2022, Google suspended or removed over 2,500 fraudulent loan apps from its Play Store
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These 'SpyLoan' apps include AA Kredit, Amor Cash, GuayabaCash, EasyCredit, Cashwow, CrediBus, FlashLoan
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Others apps were Finupp Lending, 4S Cash, TrueNaira and EasyCash
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The apps were removed under Google's App Defense Alliance, which found them operating from India, Mexico, Indonesia, Thailand, Pakistan
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The apps lure customers through SMS and social media platforms where they offer low interest rates
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It is important to download official apps, and grant only necessary permissions. Avoid giving access to Photos, contacts, SMS and email
Image: Unsplash
Image: Pixabay
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