In this digital era, technology based loan apps are a known name but the ease which the app gives when in need of quick cash is not the same when you are missed to repay. The actual devil face you will see when you have unusual recovery calls and harassment you face. During the pandemic, apps promising quick cash have mushroomed. Many capitalize on borrowers’ lack of financial literacy, charging interest rates as high as 500% annualized and in some cases employing heavy-handed collection tactics that Indian activists have linked to a string of suicides. The simple process to trap us into the online loan world is, a stranger lures a loan by sending a link to his mobile, in which he gets a loan after being trapped, but also asks for money even after paying.

India, which has among the highest number of such apps in the world, has also taken action. The Reserve Bank of India raised the prospect in November of new rules for digital lenders. A panel set up by the bank found that more than half of about 1,100 digital loan providers were operating illegally. Globally, Google has blocked hundreds of apps from its Android store to protect borrowers from “deceptive and exploitative terms.” Officials in China, Indonesia and Kenya followed suit, shutting down scores of startups promising easy cash to the unbanked.

“The central government has advised people to stay away from instant mobile application-based lenders, which could land them in trouble. An awareness campaign has been launched by Cyber Dost, the Twitter handle operated by the Union ministry of home affairs.”

The cyber complaint has been raised due to app based fraud. According to the report, many individuals lost their lives by suicide due to harassment and threatening calls from online lender. Pravin Kalaiselvan, Chairman of Save Them India Foundation, a non-profit organization said, his staff fielded more than 64,000 calls in 2021 from Indians complaining of harassment. That figure was up 31% from 2020. Hundreds of police complaints have been filed against debt collectors, though one local court recently ruled that their methods could not be construed as abetting suicide. To understand and prevent cyber crime, experts say that it is advisable not to take a loan from this type of application and if trapped, it is advisable to contact the police immediately.

Link offer loan offer is sent to your mobile through social media or any direct link. After opening the link, you are offered a loan, in which loans ranging from one thousand to millions of rupees are given to you immediately. Before that you are asked for an Aadhaar card, PAN card, other photo ID proof etc. The loan is given to you as per your need. Yes, based on the evidence they can access all the data of your mobile. Just then a situation arises where your hands and wrists are cut off. Your whole phone is in their hands.

The phone is being accessed as a big scandal is going on with involvement of our enemy china. When you install an app on your mobile, the app accesses all the data of your phone. A large amount of money is being taken from us. Such beggars are constantly calling for recovery with the help of call centers in India. When you paid the amount then also they demand money knowing all the personal matters of the person by giving the loan in the investigation done so far. After blackmailing the rupee, the rupee goes to China via Indonesia. According to cyber crime experts, China has taken more than Rs 21,000 crore from the people of our country.

Apps downloaded from third party app platforms can pose a huge risk. Not only keeps that, but the POP-UPS on the website appear on the screen while surfing. There are many tempting advertisements in front of our eyes. Don’t be prey to such apps by downloading by clicking on it.

Besides this, they call you to collect a loan amount. When you delay even one day, they will start harassing you. Even if you have repaid the entire loan amount then also they are harassing you for more money by threatening to make private videos or photographs in your mobile and go viral. 

Keep some points in mind,

  • Don’t click on an unknown link on your mobile
  • Delete unknown apps
  • Be wary of phishing calls, SMS and emails
  • Keep your personal information private
  • Track your credit report
  • When you become prey of such app fraud, do not shame to go to cyber crime department and lodge the complaint

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