Beware of fake loan apps:Government released list of fake loan apps, be careful while downloading and taking loans

You are scrolling through your phone. Suddenly an advertisement popped up. It says ‘Get a loan in 5 minutes.’ The offer is so tempting that you couldn’t stop yourself and clicked on it. But wait a minute, you shouldn’t click on it. The claim ‘Get a loan in 5 minutes’ is a fraud. Recently, the ‘Indian Cybercrime Coordination Centre’ (I4C) has alerted people about such fake loan apps. These apps claim to be approved by NBFCs (Non-Banking Financial Companies) and trap people in their net. They take access to users’ personal details, contact lists, photos, and banking details under the pretext of giving loans. Cyber fraudsters use this data for blackmail and illegal extortion. Therefore, in the ‘Cyber Literacy’ column today, we will talk about ‘Fake Loan Apps’. We will also know that- Question- What are fake loan apps? Answer- Such apps claim to provide instant loans by presenting themselves as approved by legitimate loan companies, banks, or NBFCs. Question – Has I4C also mentioned the names of fake apps? Answer- Yes, absolutely. I4C has released a list of 8 such loan apps that are fake and are defrauding people. See the complete list below FinMona Personal Credit (FinMonaPersonal Credit) Dhanashree Salah (Dhanashree Salah) SafalScore Easy Loan (SafalScore Easy Loan) FinCure Credit Assistant (FinCure Credit Assistant) RupeeJar Asset Access (RupeeJar Asset Access) S Large Quick Loan Assistant (S Large Quick Loan Assistant) LoanBloom (LoanBloom) BrioCredit Credit Assistant (BrioCredit Credit Assistant) Question- How do fake loan apps trap people? Answer- They take advantage of people’s needs and helplessness. Scammers use various ‘tactics’ to trap people. Understand this with a graphic- Question – What permissions do these apps ask for? Answer – Fake loan apps often ask for several sensitive phone permissions in the name of the loan process. Many of these permissions are not necessary for granting a loan, but the user grants permission in a hurry. Fake loan apps typically ask for these permissions- Contact List To obtain numbers of acquaintances. Photo Gallery To access personal photos. Microphone To record audio or listen to voice. Camera To capture photos and videos. Location To track activities and location. SMS Access To view OTP, banking messages, and other information. Question- How do people fall victim to blackmailing by fake loan apps? Answer- If the person is unable to make timely payments or opposes the app’s arbitrary terms, the fraudsters misuse the information stolen from the phone. Fraudsters typically blackmail people in these ways- Question – What is the difference between fake and real loan apps? Answer – Valid loan apps are approved by NBFCs and have clear terms and conditions. Fake apps, on the other hand, hide their identity, lack transparency, and ask for unnecessary data. See all differences in the graphic – Question – How to identify fake loan apps? Answer – Fake loan apps can be avoided by paying attention to some signs. Before downloading any loan app or taking a loan, be sure to do the checks given in the graphic- Question – Why do people fall into the trap of these apps? Answer – People fall for fake loan apps for these reasons- Question – Who are targeted the most? Answer – Cybercriminals target people who need money quickly or who are not digitally aware. Such as- Question – What precautions should be taken to avoid fake apps? Answer- If an app claims to provide a loan without scrutiny and documentation, be cautious. Before downloading the app, check the company, registration, website, privacy policy, and user reviews. See all safety tips in the graphic- Question- Can apps available on the Play Store also be fake? Answer- Yes, being on the Play Store is not a guarantee that the app is safe. One should not trust merely by looking at good ratings, as sometimes ratings and reviews can also be fake. Question- What to do if you accidentally fall into the trap of fake loan apps? Answer- First of all, do not panic and do not succumb to the pressure of fraudsters. Taking timely action can largely compensate for the loss. See safety tips in the graphic below- Question- What do RBI and Cyber Cell advise? Answer- RBI and Cyber Cell advise to use only registered bank or NBFC approved loan platforms. Question – Where to complain about fake loan apps? Answer – Call the Cyber Helpline number 1930.