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Fake loan apps: What should investors do to protect themselves from these frivolous lending apps?

In fiscal 2023, there were 1,062 complaints against such lending apps. Google removed 134 fake loan apps from its Play Store in a week in September 2023 after series of complaints made against them. A dozen of those loan apps had one lakh downloads and 14 had over 50,000 downloads.

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Fraudsters may no longer be able to use Facebook, Instagram to trick users with fake loan apps ads: Report

The fake loan apps design their services to trap borrowers by offering them low interest rates on high amounts and deceitful descriptions.

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Handed whitelist of loan apps to Govt, says RBI Gov; others set to face action

Shaktikanta Das said the RBI had collected a list of loan apps from its regulated entities banks and NBFCs and given it to the Ministry of Electronics and IT.

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Fraud loan apps have a free run on social media platforms Here s how | Business News

Fake loans apps advertise freely on social media apps, presenting themselves as loan calculators or loan aggregators, or even a food recipe recorder

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Ghana records GH¢49 5m losses through cyber fraud in first half of 2023

Ghana records GH¢49 5m losses through cyber fraud in first half of 2023
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