The trap of loan apps has spread significantly on the internet. Numerous fraudulent loan apps ensnare individuals, extracting large sums from them.
In some cases, these deceptive loan apps have proven to be harmful. Some consumers have faced substantial losses after falling into the clutches of these loan scams.
To protect users from such apps, Google periodically removes them from the Play Store.
Between September 2022 and August 2023, the company removed 2200 fraudulent loan applications from the Google Play Store.
According to reports, this step is in line with the government's efforts to curb fraudulent apps and protect consumers.
In response to questions raised in Parliament, Minister of State for Finance of India Bhagwat Karad provided information on how the government is working in collaboration with regulatory authorities like the RBI to address the challenges posed by these loan apps.
According to the Ministry of Information Technology, Google reviewed approximately 3500 to 4000 apps between April 2021 and July 2022.
Afterwards, the company removed 2500 apps from the Play Store. Meanwhile, Google's actions against fraudulent loan apps continued between September 2022 and August 2023.
During this period, Google removed 2200 fraudulent loan apps from the Play Store. Additionally, Google updated its policy regarding loan apps on the Play Store.
Your caution is your safety in the online world. Therefore, users should thoroughly research any app before downloading it.
Check reviews and research about the company.
Pay attention to the permissions the app is requesting.
Always use secure payment channels and refrain from sharing sensitive details.
Keep your apps and devices updated.
Use only Google Play Store or Apple App Store for downloading any app.