CyberGyaan | Loan App Scams | by Nilesh Roy

Loan App Scams - What is it?

Loan apps offer quick and easy access to credit, often without requiring extensive documentation. Many such apps in India operate illegally, preying on vulnerable individuals with predatory practices like exorbitant interest rates, aggressive collection tactics and privacy violations.

How it works?

? Easy approval: Deceitful apps bypass credit checks, attracting individuals with bad credit histories.

? Hidden costs: The apps disclose exorbitant interest rates and processing fees only after approval, often buried in complex terms and conditions.

? Harassment: Loan app scammers often escalate their tactics to include blackmail and public shaming when borrowers struggle to repay their loans due to hidden fees or predatory practices. They leverage the access permissions granted during app installation to access sensitive data like

o Contact lists: They threaten to contact them directly to pressure you into repayment.

o Private photos and videos using your camera permissions: These can be leaked online to damage your reputation and exert immense pressure on you

Safety Tips

? Verify before downloading: Never download apps from unknown sources or click on suspicious links promising loans.

? Guard your data: Never share confidential information like passwords, OTPs, or bank details with anyone through apps or social media.

? Don’t respond: Do not engage with the scammers or respond to their threats.

? Seek Help if required: Report Cyber fraud Incidents at https://www.cybercrime.gov.in or call 1930

#CyberGyaan #CyberSafety #OnlineSafety #LoanAppScam #LoanApp #Scam #BeAlert #FinancialFraud #Fraud #StaySafe #FinancialCrime

Shared by #NileshRoy on #28February2024 from #Mumbai (#India)