Google removes 2,200 fake loan apps from the Play Store.
Between September 2022 and August 2023, Google removed over 2,200 fraudulent loan apps from the Play Store as a proactive measure to protect its users. These are the specifics.
GOOGLE REMOVES SUMMARY
- Google has deleted 2,200 fake loan apps from the Play Store.
- Google has also updated its policy regarding the enforcement of loan apps on Play Store.
- By remaining cautious, you can minimize the risk of falling victim to fraudulent schemes.
Google took proactive steps to protect users by removing over 2,200 fake loan apps from the Play Store from September 2022 to August 2023. The move follows the government’s continued efforts to tackle fraudulent loan apps and protect consumers from financial fraud, PTI reported.
In response to a question raised in Parliament, Finance Minister Bhagwat K. Karad said the government is working with regulatory bodies like the Reserve Bank of India (RBI) to tackle the spread of misleading loan apps. According to the Ministry of Electronics and Information Technology (MeitY), Google reviewed around 3,500 to 4,000 loan apps between April 2021 and July 2022, and suspended or removed over 2,500 of them from the Play Store. From September 2022 to August 2023, Google continued to crack down on over 2,200 fraudulent loan apps.
Additionally, Google has updated its policy regarding implementing loan apps on the Play Store. Currently, only apps published by or working with regulated entities (REs) are allowed on the platform. The tech giant has also introduced additional policy requirements and strict enforcement measures specific to loan apps in India.
The RBI has issued regulatory guidelines on digital lending to strengthen the regulatory framework, enhance customer protection and ensure the safety and soundness of the digital lending ecosystem. Meanwhile, the Indian Cyber Crime Coordination Center (I4C) under the Ministry of Home Affairs (MHA) is actively monitoring digital lending apps to prevent fraud.
To enable citizens to report cyber incidents related to illegal lending apps, the Ministry of Home Affairs has launched the National Cyber Crime Reporting Portal (www.cybercrime.gov.in) and the National Cyber Crime Helpline Number ‘1930’. Additionally, various government initiatives have been taken aimed at raising awareness against cyber crime, such as distributing cyber security tips through social media, publishing handbooks for youth/students and organizing Cyber Security and Safety Awareness Week. going.
Along with government initiatives, the RBI and banks are running cyber crime awareness campaigns to educate the public on cyber crime prevention and risk mitigation through SMS, radio broadcasts, and public information campaigns. Additionally, RBI’s Electronic Banking Awareness and Training (e-BAAT) program focuses on fraud awareness and risk mitigation.
In parallel, the government has launched the Jan Samarth portal to streamline the process of obtaining loans under the credit-linked government scheme. Since its inception, a large number of beneficiaries have used this portal to avail loans under various schemes, thereby providing vital financial assistance to needy individuals.
However, despite these proactive measures, cases of fraud related to Unified Payments Interface (UPI) transactions have been reported. This is how to protect yourself from fake loan apps
In light of these developments, users are advised to do thorough research before downloading the app. It is better to check reviews and company information. You should check the permissions asked for during installation and review the terms and conditions. Use secure payment channels, and avoid sharing sensitive information.
We recommend keeping your device and apps updated to address security vulnerabilities. Download apps only from official stores like Google Play or the Apple App Store. Beware of unrealistic financing terms, high interest rates, and upfront fees. Please report any suspicious activity to the relevant authorities immediately. Stay informed about common scams and educate others about online safety measures. By being alert and observant, you can reduce the risk of becoming a victim of fraud.
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