Frauds in Digital lending apps:

True Incident: 
– Once you install the app, it will ask you to get a loan for 4000
– They will ask you to repay it within 2 days with a 40% interest rate
– If you don’t repay, it will send messages to your most frequented contacts, “He has taken a loan of Rs. 4000 with you as a guarantor. If he doesn’t pay, your PAN Card and Aadhar Card will be blocked.”
 – They will also create a WhatsApp group with your closed contacts and send nasty pictures. 
– They will call you from different numbers and scold you badly.

– Very few borrowers inform Cybercrime (helpline no 1930).
– Cybercrime tries to find out who the fraud is. 
– It traces from which bank account the money has been transferred to the borrower. 
– Unfortunately, a fake bank account has been created by some other victims’ Aadhar and PAN Card. Only from these accounts are the funds transferred to the borrower. 
– Even if Cybercrime tries to find and delete the apps, Fraudsters can easily create another app within no time.
– Borrowers are committing suicide because of not handling the stress.

– Proper awareness should be given to society. 
– The RBI should take the necessary steps, which they are already doing it. 
– Fraud Cases are significantly higher on Google Playstore rather than iOS store. Google App Store should have stringent policies for uploading a digital lending app. 

My thoughts:
– Google should give a verified tick mark in the app store after checking the lender is using a license of an NBFCs/Banks. Google can easily do it as we have only 9000+ NBFCs and 200+ banks.

#loanappscams #loanfrauds #manispeaksmoney

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