Google deletes 2,200 fake loan apps from Play Store, here is how to be safe

mangaloretoday.com

New Delhi, Feb 07, 2024: Google has taken a proactive step in safeguarding its users by removing over 2,200 fake loan apps from its Play Store between September 2022 and August 2023. This action follows the government’s continuous efforts to combat fraudulent loan apps and protect consumers from financial scams, PTI reported.

 

In response to queries raised in Parliament, Minister of State for Finance Bhagwat K Karad highlighted the government’s collaboration with regulatory bodies such as the Reserve Bank of India (RBI) to tackle the proliferation of deceptive loan apps. According to the Ministry of Electronics and Information Technology (MeitY), Google reviewed approximately 3,500 to 4,000 loan apps from April 2021 to July 2022, suspending or removing over 2,500 of them from the Play Store. During the subsequent period from September 2022 to August 2023, Google continued its crackdown by eliminating more than 2,200 fraudulent loan apps.

Furthermore, Google has updated its policy regarding the enforcement of loan apps on the Play Store. Only apps published by Regulated Entities (REs) or those collaborating with REs are now permitted on the platform. The tech giant has also implemented additional policy requirements and strict enforcement measures specifically tailored for loan apps in India.

The RBI has issued regulatory guidelines on digital lending to fortify the regulatory framework, enhance customer protection, and ensure the safety and soundness of the digital lending ecosystem. Meanwhile, the Indian Cyber Crime Coordination Centre (I4C), under the Ministry of Home Affairs (MHA), has been actively monitoring digital lending apps to prevent fraudulent activities.

To empower citizens in reporting cyber incidents, including illegal loan apps, the MHA has launched the National Cybercrime Reporting Portal (www.cybercrime.gov.in) and a National Cybercrime Helpline number ’1930’. Additionally, various government initiatives aimed at raising awareness against cybercrimes have been undertaken, including disseminating cyber safety tips through social media, publishing handbooks for adolescents/students, and organizing cyber safety and security awareness weeks.

In conjunction with government efforts, RBI and banks have conducted cybercrime awareness campaigns through SMS, radio broadcasts, and publicity campaigns to educate the public on preventing cybercrimes and mitigating risks. Moreover, RBI’s electronic banking awareness and training (e-BAAT) programs focus on fraud awareness and risk mitigation.

In parallel, the government has launched the JanSamarth Portal to streamline the process of availing loans under credit-linked government schemes. Since its inception, a significant number of beneficiaries have utilized the portal to access loans under various schemes, providing crucial financial assistance to individuals in need.

However, despite these proactive measures, instances of fraud related to Unified Payments Interface (UPI) transactions have been reported. During the fiscal year 2022-23, 7.25 cases of UPI-related fraud were recorded, involving a total amount of Rs 573 crore.

How to be safe from such fake loan apps

In light of these developments, users are advised to research thoroughly before downloading any app. It is better to check reviews and company credentials. One should verify permissions requested during installation, and scrutinize terms and conditions. Utilize secure payment channels, avoiding sharing sensitive information.

It is better to keep your device and apps updated to patch security vulnerabilities. Download apps only from official stores like Google Play or Apple App Store. Be wary of unrealistic loan terms, high-interest rates, or upfront fees. Report suspicious activity promptly to relevant authorities. Stay informed about common scams and educate others on online security measures. By remaining vigilant and cautious, you can minimize the risk of falling victim to fraudulent schemes.

Courtesy: India Today