Blackmailing And Cheating In The Name Of Loan Apps: Do Not Fall Into The Trap Of Fake Apps, Identify RBI Registered Real Apps Like This

There was a time when one had to go round the banks to get a loan. Long process, pile of documents and weeks of waiting were common. But now digital lending platforms have completely changed the financial service sector. Now in just a few clicks, through mobile apps sitting at home, one can get a loan of lakhs of rupees. With the growing trend of online loan apps, incidents of cyber fraud are also coming to the fore.

Recently, the Indian Cyber ​​Crime Coordination Center (I4C) has issued an alert about such fake loan apps on its Twitter platform ‘Cyber ​​Dost’.

So, let’s know today in the Cyber ​​Literacy column what are fake loan apps? Also, we will talk about-

• What are the easy ways to identify them?
• What things should be kept in mind to avoid them?

Expert: Rajesh Dandotia, Additional DCP, Crime Branch, Indore

Question-1: What are fake loan apps?

Answer- These apps show themselves as the official app of a financial institution or bank, but in reality their purpose is to deceive people. These apps take necessary documents, photos, bank details and mobile permissions from the user in the name of giving loans. Later they threaten to charge heavy interest or use the user’s data for blackmailing and fraud. Usually these fake loan apps are installed through Android Package Kit (APK) or third party websites.

Question-2: How do these fake apps work?

Answer- Fake loan apps trap users like a trap. They steal people’s personal information by luring them with immediate loans and later blackmail them. Its entire process works like this.

Luring with attractive advertisements: Cyber ​​criminals promote attractive advertisements like ‘instant loan’, ‘loan up to ₹5 lakh without documents’ on platforms like Facebook, Instagram, Telegram or Google.

Downloading the app from a third party link: Cyber ​​criminals make the user download the app from a third party link or a website. As soon as the app is installed, it asks for access to many types of permissions (such as camera, contacts, files, SMS).

Data collection in the name of KYC: After this, the app asks for banking details like Aadhaar card, PAN card, photo, bank details, which are in a format that looks real. But these are used for fraud.

Nominal loan or processing fee: Some fake apps first win the trust of the user by giving a loan of Rs 1,000-2,000. At the same time, some disappear after taking only the processing fee. Many times no loan is given at all.

Blackmailing through data: The app accesses the photos, contacts and files present in the user’s phone. When the user does not return the money or protests, he gets threats of defamation. Like ‘We will morph your photos and make them viral’ or ‘We will send wrong messages to your relatives.’

Fraud by creating mental pressure: Many people transfer money due to fear. This cyber fraud causes not only financial but also mental harassment.

Question-3: How can we identify whether a loan app is real or fake?

Answer- In India, it is mandatory to register loan apps with the Reserve Bank of India (RBI). If an app is not on the RBI website, do not install it at all.

Question-4: What things should be kept in mind before downloading any loan app?

Answer- Nowadays many digital loan apps claim to give loans in a few minutes, but many of these apps are fake and fraudulent. In such a situation, it is very important to keep some important things in mind before downloading the loan app, so that you can avoid threats like cyber fraud and data leak.

Question-5: What are the safe options for loan?

Answer- Always trust RBI registered banks or non-banking financial companies (NBFCs) to take a loan. These apps are safe and keep your personal information confidential. You can cross-verify the identity of these apps from their official websites, Play Store profile and RBI portal.

Question-6: Where can I see the list of digital lending apps released by RBI?

Answer- RBI has prepared a list of authorized apps and platforms offering digital loans, which tells which apps are associated with RBI registered banks or NBFCs. To see this list, you can visit the official website of RBI. In this, information about digital lending apps can be obtained in the What’s New or Press Releases section or directly from the CIMS portal (Centralised Information Management System) launched by RBI.

Question-7: What to do if someone has accidentally downloaded a fake loan app?

Answer- In such a situation, immediately follow these points.

• Uninstall the app immediately and check the background permissions.
• Revoke all the permissions given by the app by going to the phone settings.
• Change all your social media passwords and UPI PINs.
• If the app was given access to documents, photos or contacts, then backup them and delete sensitive files.
• If blackmailing or threats have started, immediately file a complaint with the nearest cyber cell or the nearest police station.
• File an online complaint on the National Cyber ​​Crime Reporting Portal.

 

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