Fake loan apps have become increasingly rampant on the internet, posing a significant threat to unsuspecting users. Many fraudulent loan applications exploit individuals, tricking them into hefty financial transactions. Some of these fake loan apps have even proven to be life-threatening in certain cases. In response, Google has been proactive in removing such apps from the Play Store to protect users. Between September 2022 and August 2023, Google took down 2,200 fake loan applications from the platform. According to reports, this action aligns with government efforts to curb fraudulent apps.
In response to questions raised in Parliament, the Minister of State for Finance, Bhagwat Karad, highlighted the collaborative efforts between the government and regulatory authorities like the RBI to tackle these fraudulent loan apps. The IT Ministry reported that Google had reviewed 3,500 to 4,000 apps between April 2021 and July 2022, removing 2,500 apps from the Play Store. The crackdown on fake loan apps continued between September 2022 and August 2023, leading to the removal of 2,200 more apps by Google.
Moreover, Google has updated its policies regarding loan apps on the Play Store. Only regulated entities or those collaborating with regulated entities will be permitted to publish loan apps on the platform. Additionally, Google has implemented additional policy requirements and enforcement measures.
To protect themselves from such fraudulent loan apps, users are advised to exercise caution:
Conduct thorough research about an app before downloading it.
Check reviews and gather information about the company behind the app.
Pay attention to the permissions requested by the app.
Always use secure payment channels and refrain from sharing sensitive details.
Keep apps and devices updated.
Download apps only from trusted sources like Google Play Store or Apple App Store.
MobiKwik Boosts Payment Team with Key Promotions and New Hire
Xiaomi to Unveil Latest Flagship Series, Including Xiaomi 14 Ultra, at Global Launch Event
Telecom companies failed to stop fake calls, fined Rs 110 crore
